Former Chairman of Goldman Sachs Asset Management, Jim O'Neill, said China could use its currency to gain an edge over the U.S. — but not by devaluing the yuan.
Beijing can consider expanding the role of the yuan globally to challenge the dominance of the U.S. dollar, he told CNBC'sWhile the greenback — the reserve currency of the world — is dominant today, the "only way that can ever change" is if there's a genuine, "long-term alternative" to the U.S. currency, O'Neill said.Chinese A-shares — those traded in mainland China — were included in index provider MSCI's global and regional indexes.
As Chinese assets are increasingly traded in global markets, more foreigners will need to trade in the yuan, which is the intent of the internationalization drive.start selling very large numbers of U.S. bondsChina is currently the largest holder of U.S. government debt, owning roughly $1.12 trillion in U.S. Treasury bonds. Analysts have debated on
in its trade fight with the U.S. — defined as selling off its holdings of U.S. Treasurys and triggering a rise in interest rates, which could hurt the American economy.
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