Russia's invasion of Ukraine has driven up food prices. Famine could soon loom in some regions of the world. China is also concerned about food supplies. Climate change is threatening harvests. And most recently, yields in the country have also been lower due to ozone pollution of crops.
By Ning Wang
Following the sanctioning of Russia by exclusion from SWIFT, heated discussions emerged in China about accelerating the build-up of an alternative international payment system based on RMB. Actually, China has made significant progress in ramping up its Cross-border Interbank Payment System (CIPS) since 2015. However, the prospects of CIPS largely depend on the pace of China’s capital account opening and China’s investment attractiveness for foreign institutions in the long run.
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