BREAKINGVIEWS-China’s trade clout can quicken the yuan’s rise
China is accelerating the internationalization of the yuan by removing the word "prudently" from its economic plans, signaling bolder ambitions. Despite tight control over capital flows, the yuan's share in global transactions has increased. China is focusing on trade settlement, with moves like settling 30% of BHP's iron ore imports in yuan. This strategy aims to reduce reliance on the U.S. dollar, appealing to countries like Brazil and Russia. However, China does not intend to replace the dollar entirely.
