Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Sources from Mehr News Agency: The Americans have requested, through intermediaries from various countries, the continuation of negotiations with Iran
Mehr News Agency, citing sources: The Iranian Foreign Ministry is considering a US request to continue negotiations after they failed to halt Iran's nuclear capabilities
Al Mayadeen's correspondent: Five martyrs and several wounded after the occupation targeted a group of civilians in Al-Rimal neighborhood, west of Gaza City
Hamas: The comprehensive failure, military, political, and moral, exposes the falsehoods of the Zionist propaganda machine and reaffirms that our struggle is one of willpower and steadfastness
Hamas: Hamas: The slogans of "crushing defeat" and "total eradication" of the movement have collapsed in the face of explosive tunnels and the Resistance’s ambushes
Hamas: 640 days into the aggression, the occupation has utterly failed to break Gaza’s will or subdue its resistance
Iranian FM spokesperson denies Trump’s claims about Iran requesting a meeting with the US: We have made no such request to the American side
OHCHR: We have concerns that Nasser's arrest is part of efforts to eliminate legitimate forms of Palestinian expression
Al Mayadeen's correspondent: Six killed or injured in Israeli drone strike on displaced persons’ tents in Sanabel camp, al-Mawasi, west of Khan Younis
Al Mayadeen's correspondent in Gaza: Several injuries reported as a result of the drone strike on the displaced persons' tent in the Al-Mawasi area, west of Khan Yunis

US Treasury chief rejects yuan as reserve currency

  • By Al Mayadeen English
  • Source: Agencies
  • 3 Jul 2025 23:38
2 Min Read

US Treasury Secretary Scott Bessent rejected the idea of the Chinese yuan achieving reserve currency status, citing capital controls and lack of convertibility.

Listen
  • x
  • Treasury Secretary Scott Bessent speaks to reporters as he leaves a closed-door meeting with Republicans working on President Donald Trump's sweeping domestic policy bill, at the Capitol in Washington, Friday, June 27, 2025 (AP)
    Treasury Secretary Scott Bessent speaks to reporters as he leaves a closed-door meeting with Republicans working on President Donald Trump's sweeping domestic policy bill, at the Capitol in Washington, Friday, June 27, 2025. (AP)

Scott Bessent, the US Treasury Secretary, dismissed the possibility of the Chinese yuan gaining reserve currency status, according to a statement made on Thursday.

In a Bloomberg TV interview, Bessent pushed back against the idea, stating, "It's a complete fallacy," and questioning, "They have a non-convertible currency. So how are they going to be a reserve currency?"

Related News

Trump to give more weapons to Ukraine, censures 'very nice' Putin

Europe may restore UN sanctions on Iran if nuclear deal fails

Bessent further argued that China does not meet a critical condition for reserve currency status, a freely convertible currency, explaining, "They also have 1.4 billion people who want to get their money out of China. They have capital constraints on taking out money, the sine qua non for reserve currency is that it trades freely."

The question of the euro

Bessent referenced recent remarks by ECB President Christine Lagarde, who suggested the euro’s moment may have arrived.

"But I can tell you, if the euro hits 120, Europeans are going to be squawking that it is too strong. They are an export economy," he added, cautioning, "so let's see what happens. They should be careful what they wish for, whereas in the United States, we recognize responsibility that comes with being a reserve currency."

Trading data revealed that on Monday, the US dollar index dipped below the 97-point mark for the first time since March 1, 2022, sliding to 96.98 before edging back up to 97.05 by 07:02 GMT, a 0.36% decline, while the euro climbed to $1.1739.

  • United States
  • Scott Bessent
  • Yuan
  • US Treasury
  • China

Most Read

Syria demands 1/3 of Golan, Lebanese areas for 'Israel' peace deal

Syria demands 1/3 of Golan, Lebanese areas for 'Israel' normalization

  • MENA
  • 4 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • Today
Al-Qassam hits IOF groupings in Khan Younis; ‘tough incident’ reported

3 Israeli soldiers killed by Resistance gunfire in south, north Gaza

  • Palestine
  • 4 Jul 2025
Concrete and rubble fall from a heavily damaged building as Israeli soldiers search for survivors in a residential area hit by a missile fired from Iran, near Tel Aviv, occupied Palestine, Sunday, June 15, 2025 (AP)

'Israel' concealed damage inflicted by Iran in war, report finds

  • Politics
  • 5 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Big beautiful bill's ugly reality for American healthcare
US & Canada

'Big beautiful bill's' ugly reality for American healthcare

Ukrainian Forces struggle to hold Eastern front lines: NYT
Europe

Ukrainian forces struggle to hold eastern frontlines: NYT

Plan proposes transit camps for Gazans ahead of possible relocation
US & Canada

GHF proposed 'transit areas' plan prior to Gaza residents 'relocation'

Lavrov: IAEA will be held accountable for pre-strike Iran assessments
Europe

IAEA to be held accountable for pre-strike Iran assessments: Lavrov

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS