China doubles down on promoting yuan as confidence in U.S. dollar ebbs

News Snapshot:

A bank employee count China’s renminbi (RMB) or yuan notes next to U.S. dollar notes at a Kasikornbank in Bangkok, Thailand, January 26, 2023. Athit Perawongmetha | Reuters China is devising more ways for foreign institutions to use the yuan, as international confidence in the U.S. dollar falters. The moves aim at challenging the greenback, experts said, even as the U.S. dollar remains by far the world's predominant currency. The timing is favorable as the U.S. dollar index has tumbled more than 9% this year — while the offshore yuan has strengthened more than 2% against the dollar. In a...