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US Treasury Secretary Bessent States That China's Currency Cannot Be Converted. || Highlights Difficulties For China's International Currency Goals. 💵🌍
US Treasury Secretary Bessent States That China's Currency Cannot Be Converted, Highlighting Concerns Over Currency Flexibility 💼🌏
US TREASURY SECRETARY BESSENT SAYS RAISES CHALLENGES FOR CHINA'S GLOBAL-CURRENCY VISION.
US Treasury Secretary Sarah Bessent said China’s currency "is non-convertible," arguing that Beijing’s control over capital flows undermines its ambition to elevate the yuan to full reserve-currency status. Bessent added that the lack of convertibility poses a structural hurdle for international investors and central banks that might otherwise hold larger yuan reserves, limiting China’s efforts to challenge the dominance of the US dollar in global trade and finance.
