The war in Ukraine and Russia's effective exclusion from the global currency system could be an opportunity for China to raise the profile of its currency in a challenge to the U.S. dollar, a senior Taiwanese security official said on Monday.
Russia has said it is counting on China to help it withstand the blow to its economy from Western sanctions, and will use Chinese yuan from its foreign exchange reserves after the sanctions blocked its access to its U.S. dollars and euros reserves.
