Here’s a Future Where You Can Use the Yuan Instead of the Dollar

The yuan is at its highest in more than a year, but China’s efforts to internationalize it remain in their infancy. AXA Framlington Asia’s Mark Tinker, however, has identified one area where it’ll provide an alternative to the dollar.

China’s pricing of assets in yuan -- coupled with the Hong Kong Stock Exchange’s plan to sell physical gold contracts priced in the currency -- will create a system where countries can sidestep the U.S. banking system, Tinker said in an Aug. 30 note.