New Delhi, May 12 (IANS) Singapore has emerged as a key hub in China’s strategy to internationalise its currency, the renminbi (RMB), and reduce dependence on the US dollar-dominated global financial system. The city state facilitates China’s monetary and capital flows, across other countries in Southeast Asia, according to a new report.China’s structural limits, like restricted capital mobility and regulatory uncertainty, constrain the RMB’s global acceptance. Consequently, Singapore ac…
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Washington, May 8 (IANS) A bipartisan group of US senators has reintroduced a resolution backing the US dollar’s status as the world’s reserve currency, warning that China is accelerating efforts to build an alternative global financial system centred around the yuan.The resolution, introduced by Ted Budd and Jeanne Shaheen, says Beijing’s push to internationalise the yuan poses economic and national security risks to the United States and its allies.“Continued cooperation and sustained …