The most recent figures from the SWIFT system showed that the Chinese currency accounted for just 1.66 per cent of international payment transactions in April versus 43 per cent for the US dollar. Photo: ReutersThe most recent figures from the SWIFT system showed that the Chinese currency accounted for just 1.66 per cent of international payment transactions in April versus 43 per cent for the US dollar. Photo: Reuters
The most recent figures from the SWIFT system showed that the Chinese currency accounted for just 1.66 per cent of international payment transactions in April versus 43 per cent for the US dollar. Photo: Reuters

US coronavirus stimulus reignites China’s criticism of dollar hegemony, but no alternative seen any time soon

  • China’s criticism of the US dollar’s monopoly is gaining momentum in the face of Washington’s coronavirus stimulus and threats of financial sanctions
  • But reform of international monetary policy is unlikely any time soon, largely because there is no alternative reserve currency to the dollar

Topic |   Currency war
The most recent figures from the SWIFT system showed that the Chinese currency accounted for just 1.66 per cent of international payment transactions in April versus 43 per cent for the US dollar. Photo: ReutersThe most recent figures from the SWIFT system showed that the Chinese currency accounted for just 1.66 per cent of international payment transactions in April versus 43 per cent for the US dollar. Photo: Reuters
The most recent figures from the SWIFT system showed that the Chinese currency accounted for just 1.66 per cent of international payment transactions in April versus 43 per cent for the US dollar. Photo: Reuters
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