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This analysis reveals the renminbi's rising international role, suggesting potential competition with the U.S. dollar amid global sanctions.
The international role of the Chinese renminbi has received increased attention recently as Chinese authorities push for increased international usage of the renminbi and Western sanctions on Russia potentially increase renminbi attractiveness. Some newspaper article headlines even imply that the renminbi is about to rival the U.S. dollar as the world's dominant international currency.
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Bastian von Beschwitz (2024) studied this question.
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