Chaos in Chinese markets shows the yuan is no threat to the dollar, veteran economist says

Harry Robertson

Source Link

Some see the yuan as the next global reserve currency. Oleg Elkov/Gety Images

The yuan poses little threat to the dollar as investors cool on China's financial hubs, a veteran economist has said.

China seems unwilling to bear the economic responsibility of having the world's dominant currency, Steven Blitz said.

The US-led move to freeze Russia's foreign currency reserves has raised speculation about countries moving away from the dollar.

The Chinese yuan poses little threat to the dollar, in part because investors have been put off the country's financial hubs and markets by Beijing's policies, according to a veteran economist.