China's yuan inches closer to loftier FX ambitions

She argued that despite massive capital outflows and a sharp fall in the yuan this year on concerns about the economy and the zero-COVID-19 policy, China wants to internationalise its currency and ramp up its reputation on the global stage. Not surprisingly, the US dollar retained its status as the go-to currency - accounting for 88 per cent of all foreign exchange trades. In the second spot came the euro, though it slightly decreased its share to 31 per cent, and in third position, the Japanese yen, followed by the pound. The share represented by China's yuan climbed to 7…