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China's economic gambit could nuke Putin's dollar ploy
By Brendan Cole
Newsweek, New York
Friday, May 3, 2024
Economists call it the "nuclear" option but speculation that China might devalue its currency the yuan (RMB) could cause fallout for Russia as President Vladimir Putin pushes to move the global economy away from its reliance on the U.S. dollar.
Putin told the BRICS (Brazil, Russia, India, China, South Africa) summit last August that a drop in the importance of the U.S. dollar was "irreversible" and Moscow has vowed to "de-dollarize" its economy, shunning currencies from "unfriendly" countries that have condemned his aggression in Ukraine.
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But a complicating factor could be the possible devaluation of the yuan, as China faces low consumer confidence, a property sector crunch and indebted local governments, as well as five months of contraction in manufacturing activity recently.
A depreciation of the yuan would boost China's exports and give the People's Bank of China wiggle room to cut interest rates, although it could also destabilize the global currency market. It could also undermine the yuan's appeal relative to the greenback, whose prominence Russia wants to overhaul. ...
... For the remainder of the analysis:
https://www.newsweek.com/china-russia-yuan-rouble-1896439
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