Taiwan’s National Security Bureau Director-General Chen Ming-tong on Monday, March 28, said that the Ukraine war had been an opportunity for the Chinese yuan to gain international acceptance.

According to Taipei Times, Chen said, “Russia has sought help from China to fight against the economic sanctions, asking Beijing to open up its foreign reserves, and to use the yuan instead of the euro and the U.S. dollar in international exchanges, which conforms to China’s long-term plans to have the yuan replace the U.S. dollar in international transactions.”

As Reuters reported, Chen also said that “Whether in renminbi trade or currency issuance system, this is an opportunity that must be taken.” Renminbi is the formal name of the yuan.

Chen was making comments as he responded to questions from Taiwanese legislators at the Foreign Affairs and National Defense Committee.

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