China Export Growth Rebounds

A rundown of the news making headlines in and around China:

Yuan’s global role: The Chiang Mai Initiative Multilateralization mechanism (CMIM), a regional financial safety net for Asia, has allowed yuan contributions through a legal arrangement for the first time, according to an announcement by China’s central bank Friday. The CMIM is a pool of reserves that covers the Association of Southeast Asian Nations (ASEAN) member states as well as China, Japan and South Korea. Until now, the contributions have been made in U.S. dollars. Allowing yuan contributions marks a significant step in reducing reliance on the U.S. dollar and follows Beijing’s efforts to promote the yuan as a reserve currency. The yuan’s inclusion in the CMIM boosts the Chinese currency’s role in global finance at a time when Washington is pursuing a disruptive foreign trade policy that could ultimately chip away at the dollar’s status as the currency of choice in world trade.