BEIJING - CHINA is pushing aggressively for the wider use of its currency abroad, but it will likely take decades before it assumes a truly global role and challenges the US dollar, analysts say.
The drive has seen a series of currency swap agreements in the past few months, while public criticism of the dollar-based global system by the central bank governor has given China's recent actions a more ambitious-looking edge."
As a first step for the yuan, China since December has signed six currency swap contracts totalling 650 billion yuan (96 billion dollars), with Hong Kong, South Korea, Malaysia, Belarus, Indonesia and Argentina.
The agreements make it possible for overseas importers of Chinese goods to borrow yuan from their central banks, reducing their exposure to volatility in the US dollar.
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