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News Forum - The redback is coming – China’s monetary subtext for ASEAN summit


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The Association of Southeast Asian Nations (ASEAN) has surpassed the European Union and United States to become China’s largest trading partner. With all eyes on President Xi Jinping’s presence, or otherwise, at the Bangkok summit, how does Beijing hope to promote use of the Chinese yuan overseas? China started its ambitious yuan internationalisation plan in 2009, expanding it via its Belt and Road Initiative. Financial markets were opened to foreign investors. China now wants to establish yuan settlement with neighbouring countries and to develop offshore centres, putting aside any real challenge to US dollar hegemony, at least for now. According […]

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My last trip to China I was given counterfeit currency in exchange for US dollars. When I went to exchange it back in Hong Kong it was discovered and confiscated. Similar incident happened in Burma several years ago.     

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