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
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
