China sees the yuan vs. dollar rivalry like Pepsi vs. Coke, expert says — ‘never the market leader, but serviceable in a pinch’

Heavy is the head that wears the crown, and contrary to popular belief, Beijing doesn’t want the yuan to dethrone the dollar as the world’s dominant currency, according to a top China scholar. While China has been trying to internationalize the yuan, also known as the renminbi, it doesn’t want the obligations that come with being the global reserve currency, Zongyuan Zoe Liu, senior fellow for China studies at the Council on Foreign Relation, wrote in Foreign Affairs this month.

Source: Fortune Crypto