ECONOMYNEXT – Chinese Ambassador to Sri Lanka Qi Zhenhong has reaffirmed China’s readiness to work closely with Sri Lanka to diversify reserves, reduce exchange-rate risks, and promote mutually beneficial financial cooperation, the island nation’s main business chamber said. China has been pursuing the internationalization of the renminbi (RMB, also called the Chinese yuan or CNY) since the late 2000s as a deliberate long-term strategy to reduce its dependence on the US dollar, enhance global trade efficiency for Chinese firms, and elevate Beijing’s financial influence. Key milestones of RMB internationalization include the launch of offshore RMB clearing centers, starting with Hong…
Chinese envoy backs diversifying Sri Lanka reserves, reducing FX risks from dollar usage
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