China’s Yuan Dilemma

Much as Beijing would like, it cannot use the yuan to help its economy, protect its trade from American tariffs, and serve the CCP’s global ambitions.

9/11/2025|Updated: 9/11/2025

Commentary

At the moment, Chinese monetary and currency policies face a mish-mash of conflicting objectives, and it remains far from clear which way Beijing will move.

Milton Ezrati is a contributing editor at The National Interest, an affiliate of the Center for the Study of Human Capital at the University at Buffalo (SUNY), and chief economist for Vested, a New York-based communications firm. Before joining Vested, he served as chief market strategist and economist for Lord, Abbett & Co. He also writes frequently for City Journal and blogs regularly for Forbes. His latest book is “Thirty Tomorrows: The Next Three Decades of Globalization, Demographics, and How We Will Live.”