China loses chances to make yuan reserve currency

China realized that the yuan urgently needed to be "internationalized" as the confrontation with the United States has been growing lately. The country will be able to do it only with the help of other countries. Does anyone want to help China? The confrontation between the United States and China increases US President Donald Trump, if re-elected, will consider China's steps in the international arena the biggest foreign policy challenge for Washington, US Secretary of State Michael Pompeo said on Wednesday in a video conference.The confrontation between the world's two largest economies started in the form of trade wars. Last week, Trump signed an executive order ending Hong Kong's special status in response to Beijing's introduction of the national security law of the city. Hong Kong is thus losing the status of a currency "window to the world" for Beijing, as Washington's latest move provides for the imposition of financial sanctions on Chinese officials and banks that do business with them.According to the South China Morning Post, Washington's decision may jeopardize Beijing's efforts to convert the yuan into an international currency. China realizes threat to its well-being The newspaper quoted former Zhou Li, deputy head of the International Liaison Department of the Communist Party of China, who said that it was time for China to get rid of the US dollar peg in anticipation of a full-scale standoff.