Beijing's hopes of globalising currency hit snag: report
Hit by depreciation and government capital controls, it has slipped to 6th most used currency
Shanghai
CHINA'S yuan slipped a notch to become the sixth most used global currency over the course of last year, hit by depreciation and government capital controls, a report said on Thursday.
Analysts said that the drop was a setback for Beijing's ambitious plans to dramatically increase the use of its currency abroad and make it a mainstay for international payments on a par with the US dollar or euro.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Chinese firms are investing abroad at fastest pace in eight years
Sri Lanka’s economy expected to grow 3% in 2024, central bank says
Yellen says US can bring inflation down without hurting jobs
US dollar briefly falls versus yen after GDP data
US weekly jobless claims unexpectedly fall
US economic growth slows more than expected in Q1