ccording to statistics released by the State Administration of Foreign Exchange on May 7, China’s foreign exchange (forex) reserves had hit $3.2048 trillion by late April, an increase of $20.9 billion or 0.66 percent over the end of March. The U.S. dollar remains the dominant forex reserve of China, and its amount is on the rise. The argument that China is accelerating de-dollarization to ramp up the internationalization of the renminbi (RMB)
