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Analysts said Huawei still has a certain inventory level of chips, which will give it time to come up with contingency plans, as well as to assess the progress of domestic semiconductor companies. They estimate that Huawei has a stockpile of processors for smartphones and 5G base stations that could last at least until early 2021 and possibly through most of the year.

Analysts said such a move will undoubtedly increase global burden, as there is already a fragmentation of supplies and trade volumes are dwindling amid the novel coronavirus outbreak.

Anil Sooklal, deputy director-general for Asia and the Middle East at South Africa's Department of International Relations and Cooperation, said China is positive about his country and will bring billions of dollars of investment during President Xi Jinping's state visit to the country this week.

Andy Liu, left, and Heather Redman, right, speak at Geekwire Startup Day 2016. (GeekWire Photo)

Analysts said the steady increase signals a strong momentum in use of the renminbi abroad, or renminbi internationalization, and the ratio could further rise in the coming years.