Overseas renminbi lending surges as China steps up campaign to de-dollarise
Beijing’s push will speed moves to multi-polar monetary system, analysts say
Beijing’s push will speed moves to multi-polar monetary system, analysts say

If renminbi settlement becomes cheaper and more trade migrates, firms will have less need to generate or hold US currency

Critics say currency is undervalued and being used to subsidise Chinese exports

A steady appreciation would boost domestic consumption and improve trade relations

Central bank fixes currency at highest level against dollar in 15 months

Appreciation would suit Beijing’s global ambitions for the currency

PBoC makes it cheaper for traders to bet on weakening currency amid concerns about rapid appreciation