China Rolls out New Measures to Take Yuan Global; Analysts Say It Won’t Be Able to Displace US Dollar

Beijing is creating a limited regional ’shadow' financial system among nations facing U.S. sanctions, such as Russia, North Korea, and Iran, analysts said.

Signage of the Chinese digital currency is seen near a coffee store in the New Actuation Fintech Center in Beijing on Feb. 17, 2022. Jade Gao/AFP Photo via Getty Images

Chinese authorities announced new measures to push for the use of Chinese yuan globally at the annual Lujiazui Forum financial conference in Shanghai this week.

Analysts told The Epoch Times that yuan cannot replace U.S. dollars internationally and Beijing’s attempt could only create a financial system for mutual settlements within the non-dollar camp to deal with mounting domestic and international pressure that it faces.