China dumping US$ in trade & investment in Asia

China, (rt.com), 16 February 2022 - The Chinese government is planning to work with other Asian nations to strengthen the use of local currencies in trade and investment as part of a broader plan to bolster regional economic strength, according to Yi Gang, the governor of the country’s central bank.   
“Emerging markets should improve their resilience,” Yi said on Wednesday during a televised speech at a G20 event hosted by Indonesia. “This is where regional cooperation has a key role to play.”   
The official highlighted that the latest progress in using local currencies of emerging Asian nations in trade and investment strengthened the region’s financial safety net against external shocks.   
According to Yi, bilateral currency swaps among the Association of Southeast Asian Nations (ASEAN) regional grouping – China, Japan and South Korea – have reached $380 billion.   In January, the People’s Bank of China extended a bilateral currency swap agreement with Bank Indonesia for three years to promote deeper financial cooperation and boost investment activity.   
Jakarta expressed full support for the expanded use of local currencies in trade and investment, instead of the US dollar, to ensure stability in global financial markets as pandemic-era stimulus is withdrawn.