China will be promoting the use of its currency, the yuan, as a global currency to decrease its dependence on the US dollar. It opens its financial markets, incentivizing the use of yuan in cross-border trade and establishing your-based clearing and settlement systems. Simultaneously it’ll promote more yuan-denominated financial instruments to diversify its financial offerings. China works with other countries to promote the use of the yuan and challenge the US dollar’s dominance, which could have significant implications for the global economic order.
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