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IPFS News Link • China

Replacing the Dollar: China's Big Plans for Its Currency

07-20-2009 • Time

China's motivations to boost the global standing of the yuan stem from the same concerns as its calls for a new reserve currency. Greater use of the yuan in trade would improve the competitiveness of Chinese exporters by reducing transaction costs and currency risks. By internationalizing the yuan China can also begin extricating itself from the "dollar trap," in which the country, through its trade, amasses giant surpluses of dollars, which forces it to invest in dollar assets.

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Reported By Powell Gammill

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