China is not a dictatorship, it is more of a country ruled by an authoritarian party that is controlled by a few red families. Calling it such places was too much importance on one person who often acts just like a figurehead (albeit a very influential one) for the establishment.
I know all about RMB currency controls after living in China for 9 years. The RMB is still incredibly stable even when the situation merits less stability. The party values stability over everything else, it shows in their very conservative monetary policy.
I completely agree about China and Russia being frenemies. They will never share currencies, but letting the Russians use RMB for much of their trade with China is very much a possibility.
I know all about RMB currency controls after living in China for 9 years. The RMB is still incredibly stable even when the situation merits less stability. The party values stability over everything else, it shows in their very conservative monetary policy.
I completely agree about China and Russia being frenemies. They will never share currencies, but letting the Russians use RMB for much of their trade with China is very much a possibility.