OpinionThinking About China

The Global Growth of the Yuan Is More About Russia Than International Acceptance

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The Global Growth of the Yuan Is More About Russia Than International Acceptance
A Chinese yuan currency sign with two arrows through it, pictured outside a bank branch in Shanghai, China, in a file photo. Johannes Eisele/AFP/Getty Images
Antonio Graceffo
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Commentary
The Chinese regime is falling short in its goal of internationalizing the yuan. Because the yuan’s limited convertibility leaves it far behind the dollar, it is mainly used only in heavily sanctioned countries like Russia, which have few other options.
Antonio Graceffo
Antonio Graceffo
Author
Antonio Graceffo, Ph.D., is a China economy analyst who has spent more than 20 years in Asia. Graceffo is a graduate of the Shanghai University of Sport, holds an MBA from Shanghai Jiaotong University, and studied national security at American Military University.