Ukraine conflict would enable China globalise Yuan, warns senior Taiwanese security official

Taipei: – Cheng Ming-tong, a senior Taiwanese security official, warned ‘The United States and western countries banned the use of Russian Ruble after the Ukraine war. The value of the USD also is on the decline. Taking this opportunity, China can globalise its currency Yuan.’ Ming-tong made a striking claim that this war could help improve relations between the United States and China.

The United States, Europe and allies imposed harsh sanctions against Russia after launching an attack on Ukraine around a month ago. The western countries took this action intending to corner Russia on economic and trade fronts. Western media claim that this has reduced the use of the Russian rouble in the international market.

Whereas, Russia is looking up expectantly to China to wriggle out of the western sanctions. Russia is demanding that China cooperate through the medium of the Yuan, given the ban on the use of USD and the stoppage of transactions in Europe. Chen Ming-tong, Director of the Taiwanese National Security Bureau, claimed this is a huge opportunity for China, dreaming of creating an alternative for USD. Ming-tong said that the Russia-Ukraine war had presented China with a chance to globalise Yuan.

China has taken the Russian side on various international platforms, over the last month, since the starting of the Russia-Ukraine war. Ming-tong claimed that if China gives up this stand and joins hands with the Biden administration, the relations between the United States and China can improve. The Taiwanese official cited the improvement in US-China cooperation after China took the side of the United States following the 9/11 attacks. Ming-tong added that the Russia-Ukraine war could present another opportunity like the post 9/11 period to China.

Meanwhile, the effects of the harsh sanctions imposed against Russia are also becoming evident even in the United States. The value of the USD is on the decline. Inflation in the United States and the irrational policies of the Biden administration are said to be the cause for this.