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US sanctions are paving the way for the yuan to rival the dollar
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Jason Hsu is chief investment officer at Rayliant Global Advisors
Since the early days of Russia’s invasion of Ukraine, it has been clear that the choice to weaponise the US dollar would have consequences. Sanctions on Russia’s access to US currency are paving the way for the ascent of the yuan, China’s currency, as an alternative for clearance, settlement and reserves — at least, for countries willing to upset the US.
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