China is caught in a dollar trap that has prompted a concerted effort to “internationalise” the renminbi and promote its use outside the country.
Fears over the value of China's massive dollar holdings, accumulated over the past decade as the country pursued an aggressive policy of export-led growth, have been the trigger for the move.
The market's focus thus far during the financial crisis has been on China's call for less dependence on the dollar as a reserve currency and repeated calls for the US to avoid debasing its currency through aggressive monetary and fiscal easing.
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