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The ongoing trade conflict between the United States and China and sanctions against Beijing’s biggest trading partners have forced China to take steps towards relieving the dollar dependence of the world’s second-largest economy. The People’s Bank of China has been regularly reducing the country’s share of US Treasuries.
China has been also pushing to internationalize its own currency, the yuan, which was included in the IMF basket alongside the US dollar, the Japanese yen, the euro and the British pound. Beijing has lately made steps towards strengthening the yuan, including accumulating gold reserves, launching yuan-priced crude futures and using the currency in trade with international partners.
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