Hot topics | Coronavirus pandemic

The Dominance Of The Dollar Will Help The US In Trade Wars With China

The Dominance Of The Dollar Will Help The US In Trade Wars With China

The dominance of the dollar is the advantage of the United States in trade wars with China, writes Bloomberg.

About 40 percent of all transactions in July this year was for the dollar via SWIFT, while the yuan — less than two percent.

According to experts, the advantage of the US dollar will become even more significant if the trump administration imposes sanctions on financial institutions in Hong Kong.

According to Edwin Lai, Professor of Economics at the University of Hong Kong, China is at a disadvantage: its payment system is not developed enough, and the yuan will become an international currency only in a few decades.

You may also like: