The war in Ukraine and Russia's effective exclusion from the global currency system could be an opportunity for China to raise the profile of its currency in a challenge to the U.S. dollar, a senior Taiwanese security official said on Monday. "Whether in renminbi trade or currency issuance system, this is an opportunity that must be taken" by China, Chen said, using the yuan's formal name. "The Ukraine-Russia war is maybe another 911-style opportunity," he said. Beijing has repeatedly voiced opposition to the sanctions on russia and has insisted it will maintain normal economic and trade exchanges. It has declined to condemn Moscow's action in Ukraine or call it an invasion.

Source: The Standard March 28, 2022 12:58 UTC