Letters: Rise of the yuan

Rise of the yuan

With reference to Shyam Saran’s article, “Renminbi’s growing global influence” (June 14), it was possible for the currency to achieve international status because of the strong urge of the Chinese to excel in trade. It is such an economic activity that forces countries to exchange goods and develop a convenient mutual payment system.

The reason the US dollar was given official recognition and international status for payment was because that country was the largest producer and consumer at that time and its currency was expected to move freely across the globe.

In behaving like a non-market economy, China has