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.
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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Bob Fu's relationship with China has gone through phases. First, he thought money would solve his problems there; then he joined protesters at Tiananmen Square, thinking the politics could change. In the end, he determined, only God could save China, and he's been fighting for religious freedom in China ever since he resettled in Texas. With his nonprofit, ChinaAid, prospering like never before, he says the U.S. is finally catching on.
A podcast about how the two nations, once friends, are now foes.
Hear why things are so complicated now. Host Jane Perlez, former New York Times Beijing bureau chief, talks with diplomats, spies, cultural superstars like Yo Yo Ma, and more to understand why the dangers are so high, and why relations went awry.