Taiwan sees Ukraine war helping Chinese yuan's internationalisation
The war in Ukraine and Russia's effective exclusion from the global currency system could be an opportunity for China to raise the profile of its currency in a challenge to the US dollar, a senior Taiwanese security official said on Monday (Mar 28).
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Russia has said it is counting on China to help it withstand the blow to its economy from Western sanctions, and will use Chinese yuan from its foreign exchange reserves after the sanctions blocked its access to its US dollars and euros reserves.
Taking questions in parliament, National Security Bureau Director-General Chen Ming-tong said China had always wanted a way to throw off the domination of the US dollar, and the war could boost the use of the yuan.
"Whether in renminbi trade or currency issuance system, this is an opportunity that must be taken" by China, Chen said, using the yuan's formal name.
Taiwan, which China claims as its own territory, has raised its security alert level since the war, wary of Beijing making a similar move against it, and Taiwanese officials have been studying the lessons both they and China could learn from the conflict.
Chen said the war could actually improve China-US relations if China chose to stand with the United States in the same way it did after the Sep 11, 2001, attacks that earned US goodwill.
"The Ukraine-Russia war is maybe another 911-style opportunity," he said.
