‘Now is the time’ for China to end dependency on dollar, says former official

dollar-yuan

Yu Yongding, a former member of the monetary policy committee of the People's Bank of China, has said "now is the time" for China to end its dependency on the dollar.

Writing in the Financial Times newspaper on Friday, Yu said: "China must stop buying US dollars and allow the renminbi exchange rate to be decided by market forces as soon as possible." He added that China should have done this "a long time ago".

Yu urged Chinese officials to stop "hesitating and dithering" and called for the count

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