For some years now, China has been making efforts to promote the yuan as a global currency that can substitute for the US dollar. Where it was once willing to play the patient waiting game it may now no longer wish to do so. In the wake of American sanctions on Russia, which have all but cut off that country's access to the global financial system, China now seeks a more urgent solution to ensure its own financial independence in the event of an unfavourable stand-off with the US.