China Has Not Announced the Suspension of US Dollar Trading
The Claim
China has officially announced the suspension of U.S. dollar trading.
News posted on
Emerging story
Social media users and pages have circulated claims that China will begin suspending U.S. dollar trading on March 12, 2022.
Misbar’s Analysis
Misbar's team did not find any evidence to support the circulating claim.
China did not announce the suspension of U.S. dollar trading. We were unable to locate a credible source that mentioned the alleged suspension of the U.S. dollar. Furthermore, the alleged story was also not reported by Xinhua, the Chinese news agency.
Description: The circulating claim was not reported by Xinhua.
No Chinese official has mentioned the possibility of a U.S. dollar ban in the country. However, Chinese Prime Minister Li Keqiang stated on Friday, March 11, as the fifth session of the 13th National People's Congress concluded, that cooperation between China and the United States benefits both countries and the world.
After Beijing announced the launch of the digital Yuan earlier in 2021, media reports expressed concern that digital currency would replace the dollar and provide an alternative to the dollarized global financial system. According to Li Bo, Deputy Governor of the People's Bank of China, "the goal of internationalizing its currency is not to replace the dollar." "Efforts to develop a digital yuan are primarily for domestic use," he added.
