“…the yuan is poorly suited to become the world's central currency, as it is virtually pegged to the dollar, Earle said. The yuan is only allowed to trade in a 2% range against a midpoint determined daily by China's central bank.”

https://markets.businessinsider.com/news/currencies/de-dollarization-renminbi-dollar-vs-yuan-takeover-china-russia-usd-2023-4

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