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Taiwan sees Ukraine war
The war in Ukraine and Russia's effective exclusion from the global currency system could be an opportunity for China to raise the profile of its currency in a challenge to the U.S. dollar, a senior Taiwanese security official said on Monday.
Russia has said it is counting on China to help it withstand the blow to its economy from Western sanctions, and will use Chinese yuan from its foreign exchange reserves after the sanctions blocked its access to its U.S. dollars and euros reserves.
Taking questions in parliament, National Security Bureau Director-General Chen Ming-tong said China had always wanted a way to throw off the domination of the U.S. dollar, and the war could boost the use of the yuan.
"Whether in renminbi trade or currency issuance system, this is an opportunity that must be taken" by China, Chen said, using the yuan's formal name.
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