The yuan won’t unseat the dollar soon but it could grow in prominence if China dominates in tech and trade
A bank employee counts U.S. currency and Chinese currency notes at a bank on August 6, 2019 in China.
Xu Jinbai | Visual China Group | Getty Images
The yuan isn’t going to unseat the U.S. dollar anytime soon — but the Chinese currency’s rising prominence has been seen in global reserves as well as international trade.
Much has been said about the U.S. dollar losing its dominance as the world’s reserve currency, as it weakened sharply in recent weeks.
Still, analysts rejected the idea, saying there are no viable alternatives to the greenback at the moment. Its two closest competitors — the euro and the Chinese yuan — have their shortcomings, they said.
However, the Chinese yuan is set to gain more prominence, and indeed its global usage has gradually gone up owing to the country’s growing economic influence, analysts pointed out.
Factors such …continued .
[Source: CNBC News]