China has also increasingly promoted the global usage of the yuan and expanded foreign investors' access to its commodity exchanges in order to erode the dominance of the US dollar in global trade agreements.
The US dollar is nowhere close to being dethroned as the dominant reserve currency and standard for global trade. But a series of recent moves by China signal that countries around the world are newly open to exchanging goods for yuan, rather than US dollars.
Cementing yuan-based trade relations with additional countries furthers China’s goal to diversify its sources of agricultural imports away from the US, an important part of China’s push for increased food security.
China also has increasingly promoted global usage of the yuan, also known as renminbi, in an effort to make it one of the world’s reserve currencies, potentially even challenging the US dollar. In line with this, China has expanded foreign investors’ access to its commodity exchanges, includin...
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