China central bank officials see bigger global role for yuan as US dollar wanes

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Published : December 01st, 2020
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South China Morning Post/He Huifeng and Guo Rui/11-22- 2020

The Chinese currency is set to play a bigger role in global trade and investment in the wake of the pandemic, with the dominance of the US dollar in the international monetary system expected to decline, two Chinese central bank officials said on the weekend. “Whether you look at interest rates or exchange rates, yuan assets have clear advantages now [against assets denominated in other currencies],” Ding [Zhijie, head of research center at State Administration of Foreign Exchange] said …”

USAGOLD note:  This prediction sounds very similar to the one Goldman Sachs made a few months back – only in this instance it is coming from the Peoples Bank of China. A bigger role for the yuan and a reduced role for the dollar, if it were to actually materialize, could diminish overall demand for the greenback and accrue as a positive for gold demand globally. The just-concluded Regional Comprehensive Economic Partnership – a trade deal signed by 15 Asian countries including China but excluding the United States – could provide a boost to China’s ambitions as stated in this article. Some might think the Biden administration will move to remedy the U.S. exclusion from that partnership, but we should keep in mind that the anti-China sentiment runs deep in Washington and is not strictly a Republican phenomenon.

Repost from 11-25-2020

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