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China’s Trade Dominance Is Boosting Renminbi’s Reserve Status

The analysis found a significant correlation between countries’ trade with China and the size of their central bank yuan reserves, which have grown in recent years. “Despite China’s still limited capital account openness, the share of RMB in reserves can increase if Chinese trade and RMB invoicing continue to increase,” the authors argue, using the abbreviation for renminbi, which is another name for the Chinese currency.

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