Most of what we've heard about the yuan dethroning the dollar is from the West. Here's what China's actually said about it.
Key challenges for China include Beijing's unwillingness to open its capital accounts or run a deficit.
Two China-focused analysts Insider spoke to said they had not seen Beijing explicitly calling for the yuan to replace the dollar as the dominant reserve currency, with the language calling for a push in"internationalization" and"facilitating usage" instead.While Xi and his administration have been nuanced in communicating their vision for the yuan, China's state media has been blunter with its messaging.
But just as Xi instructed, the media outlets have promoted a"steady and prudent" approach to broadening the international use of the yuan. A report from the Xinhua state news agency on July 1 discussed the Central Bank of Argentina's plan to include the yuan in the country's deposit and withdrawal currenciesMedia outlets are also closely tracking the yuan's internationalization, with the Chinese Communist Party's flagship publication,
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