The Chinese currency remains far from supplanting the U.S. dollar in global trade, but its increasing usage abroad is helping its allies and friends get around U.S.-led economic measures.
A clerk counts renminbi banknotes at a branch of Bank of China in Nantong, Jiangsu province, July 23, 2018. Credit: Imaginechina via AP Images
The opening of the Rooppur nuclear power plant in eastern Bangladesh next year will provide the largest boost to the country's energy production capabilities in decades. But it will carry another distinction relevant to international finance — it will have been paid for, in large part, with renminbi, even though China has barely been involved in its construction.
Using China’s currency has helped solve a long stalemate between the government in Dhaka and Russia, which initially agreed to
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