China started to take action to reduce its reliance on the US dollar after the global financial crisis, with Beijing promoting the use of yuan in cross-border deals. Illustration: Adolfo ArranzChina started to take action to reduce its reliance on the US dollar after the global financial crisis, with Beijing promoting the use of yuan in cross-border deals. Illustration: Adolfo Arranz
China started to take action to reduce its reliance on the US dollar after the global financial crisis, with Beijing promoting the use of yuan in cross-border deals. Illustration: Adolfo Arranz

China’s wish to end US dollar dominance is unlikely to come true with no genuine challenger in the wings

  • Washington’s moves to sanction both Chinese and Hong Kong officials over the national security law and Xinjiang have highlighted the power of the US dollar
  • The US dollar has remained the dominant currency since the 1940s, with the euro and the yuan lagging behind in terms of global foreign exchange reserves

Topic |   Currency war
China started to take action to reduce its reliance on the US dollar after the global financial crisis, with Beijing promoting the use of yuan in cross-border deals. Illustration: Adolfo ArranzChina started to take action to reduce its reliance on the US dollar after the global financial crisis, with Beijing promoting the use of yuan in cross-border deals. Illustration: Adolfo Arranz
China started to take action to reduce its reliance on the US dollar after the global financial crisis, with Beijing promoting the use of yuan in cross-border deals. Illustration: Adolfo Arranz
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