On the occasion of the 70th anniversary of the ROK-US alliance, South Korea and the US further strengthened their relationship by agreeing to the Washington Declaration. To Beijing, the declaration adds another layer to what it sees as a threat to the Party's very existence.
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Recent reports highlighting RMB internationalisation as an impending push towards global de-dollarisation should be understood within the bounds of the RMB’s current limitations. This will be a slow progression towards alternative viability rather than a pressing challenge to USD hegemony.