Liu Says Beijing May Benefit From a Secondary Yuan Role as Dollar Leads

China sees the yuan vs. dollar rivalry like Pepsi vs. Coke, expert says — 'never the market leader, but serviceable in a pinch'

"Without a far larger pool of renminbi assets that foreigners can freely buy and sell, the renminbi cannot come close to replacing the dollar."

Liu Says Beijing May Benefit From a Secondary Yuan Role as Dollar Leads

The renminbi made up 2.11% of global foreign-exchange reserves in the second quarter of 2026, compared with 56.70% for the dollar. Liu identifies foreign access to Chinese investments as a hurdle to wider use.

China sees the yuan vs. dollar rivalry like Pepsi vs. Coke, expert says — ‘never the market leader, but serviceable in a pinch’

Heavy is the head that wears the crown, and contrary to popular belief, Beijing doesn’t want the yuan to dethrone the dollar as the world’s dominant currency, according to a top China scholar. While China has been trying to internationalize the yuan, also known as the renminbi, it doesn’t want the…

China sees yuan vs. dollar like Pepsi vs. Coke—’never the market leader, but serviceable in a pinch’

Heavy is the head that wears the crown, and contrary to popular belief, Beijing doesn’t want the yuan to dethrone the dollar as the world’s dominant currency, according to a top China scholar. While China has been trying to internationalize the yuan, also known as the renminbi, it doesn’t want the obligations that come with […]