Why China’s renminbi push matters even if it never rivals the dollar
If renminbi settlement becomes cheaper and more trade migrates, firms will have less need to generate or hold US currency
If renminbi settlement becomes cheaper and more trade migrates, firms will have less need to generate or hold US currency

A steady appreciation would boost domestic consumption and improve trade relations

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

Chamber of commerce warns that fall of tightly managed Chinese currency risks prompting trade retaliation

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

Beijing’s push will speed moves to multi-polar monetary system, analysts say