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De-dollarisation Will Take Time - Local Analysts

CHINA PRESS

China’s trading partners' efforts to de-dollarise and expand the use of renminbi will take time, according to local analysts interviewed by the Securities Daily. China can enhance the internationalisation of the RMB, as it has a strong foundation including the world’s largest trade volume, strong economic operation and a stable exchange rate. However the US established the dollar as the default trading currency ahead of other countries, meaning it will take time to unwind. Analysts noted that ASEAN, Belt and Road countries, Russia and Saudi Arabia have increased use of RMB for trade, showing evidence the world has begun de-dollarisation.

MNI Beijing Bureau | lewis.porylo@marketnews.com
MNI Beijing Bureau | lewis.porylo@marketnews.com

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