Analysts at ANZ said that 'the pace of diversification into other currencies will likely quicken going forward,” as the trade war rages on.
China is trying to reduce its dependency on America by moving away from the dollar. According to ANZ economists, the Asian superpower upped its reserves of other foreign currencies in order to be less dollar-dependent. The dollar-pegged yuan became a trade war weapon in August when China loosened the peg, letting the currency fall. View Business Insider's homepage for more stories. China is trying to reduce its dependency on America.
China is trying to reduce its dependency on America by moving away from the dollar. According to ANZ economists, the Asian superpower upped its reserves of other foreign currencies in order to be less dollar-dependent. The dollar-pegged yuan became a trade war weapon in August when China loosened the peg, letting the currency fall. View Business Insider's homepage for more stories. China is trying to reduce its dependency on America.
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