Sri Lanka, Nov. 2 -- At a time when Sri Lanka is striving to stabilise its economy and pursue structural reforms, enhanced cooperation with China's renminbi (RMB) will inject new momentum into trade, investment, and financial modernisation, Chinese Ambassador Qi Zhenhong said in Colombo on Wednesday. Speaking at the RMB Internationalisation Forum, Ambassador Qi outlined the growing global role of the RMB as a stabilising force amid weaknesses in the dollar-dominated system. He said the overreliance on a single currency has exposed developing economies to exchange-rate shocks, capital outflows, and higher borrowing costs.

"The dominance of one currency creates a tidal effect on the global economy. When a major economy tightens policy to c...