There is a growing clamour in China to revamp the exchange rate regime and move towards boosting the yuan to become an anchor currency, especially in Asia, amid worries that Beijing may be booted out of the SWIFT financial messaging platform in the wake of sanctions linked to the Russia-Ukraine conflict, if ties with the US worsen, the South China Morning Post reported on Tuesday.
Calls for reduced reliance on the dollar system and the establishment of the yuan as a robust, globally-traded reserve currency come in the wake of deteriorating relations with the West over a host of issues including geopolitical tensions ranging from Hong Kong to Taiwan, the report added.
Read the full report: South China Morning Post.
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