China is stepping up efforts to internationalize its currency and reduce dependence on the US dollar. Overseas lending in the R&B is soaring and Beijing is opening up more channels for foreigners to invest in Chinese bonds. A big part of the increase in lending has been in trade financing as Beijing is looking for ways to reduce its exposure to policies that weaponize the dollar.China has also built an alternative payment system that can work around US sanctions. With interest rates in China relatively low, ...

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