Chinese authorities announced new measures to push for the use of Chinese yuan globally at the annual Lujiazui Forum financial conference in Shanghai this week.
Analysts told The Epoch Times that yuan cannot replace U.S. dollars internationally and Beijing’s attempt could only create a financial system for mutual settlements within the non-dollar camp to deal with mounting domestic and international pressure that it faces.
Pan Gongsheng, head of the People’s Bank of China (PBOC), China’s central bank, announced a series of financial policy measures at the forum on June 17.
These include refining the mechanism for regulating short-term interest rates; establishing a repurchase facility for overseas central banks; and launching a pilot program for offshore RMB foreign exchange trading in the Shanghai Pilot Free Trade Zone….
China Rolls out New Measures to Take Yuan Global; Analysts Say It Won’t Be Able to Displace US Dollar
