TAIPEI (Reuters – China’s war in Ukraine, and Russia’s removal from the international currency system, could provide an opportunity for China. This would be a chance for China to challenge the U.S. dollar.

Russia said that it relies on China to protect its economy and has used its foreign reserves as a way to access its U.S. euros and dollars reserves.

Chen Ming-tong, Director of National Security Bureau, answered questions from parliament. He said that China has always desired a way to end the dominance of the U.S. Dollar and that the war would boost the use the yuan.

Chen spoke of China’s “opportunity to seize it, whether in currency issuance systems or renminbi trading,” using Chen’s official name, the Yuan.

Taiwan which China considers its territory has raised its security alert levels since the war. Taiwanese officials were wary that Beijing might make a similar move.

Chen claimed that war can actually benefit China-U.S. relationships if China chooses to stand alongside the United States as it did following the Sept. 11 attacks, 2001. These actions earned the U.S. goodwill.

“The Ukraine/Russia war may be another 911-style opportunity,” said he.

Beijing repeatedly expressed opposition to Russian sanctions and insists that normal trade and economic exchanges will be maintained. However, it has refused to call the action of Moscow in Ukraine an invasion or condemn it.

China, however, is concerned about its companies falling foul of sanctions. It is urging companies to be cautious when investing in Russia as its third largest oil supplier and third-largest provider of gas.