- The internationalization of the RMB and its potential emergence as a major reserve currency are related but not equivalent.
- To protect against the US freezing China's foreign-exchange reserves, Beijing could aggressively diversify its reserve holdings away from US dollar-denominated assets.
- There are two major components of the US-led financial sanctions against Russia: removing Russian banks from SWIFT and freezing the Russian central bank's foreign-exchange reserves.
For further details see:
China (Mainland) May Move To Limit Impact Of U.S. Financial Weapons