Beijing’s ambition to position the yuan as a powerful currency in global trade is facing renewed pressure.
A Chinese bank employee counts 100-yuan notes and U.S. dollar bills at a bank counter in Nantong, eastern Jiangsu Province, China, on Aug. 28, 2019. STR/AFP via Getty Images
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Commentary
The Chinese Communist Party (CCP) and Xi Jinping’s push to make the yuan a global currency is undermined by their policies, tight capital controls, suppressed exchange rates, and a strategy that prioritizes exports over monetary credibility.
Antonio Graceffo, Ph.D., is a China economy analyst who has spent more than 20 years in Asia. Graceffo is a graduate of the Shanghai University of Sport, holds an MBA from Shanghai Jiaotong University, and studied national security at American Military University.
