China's De-Dollarization Crusade: Yuan Is Stealing USD's Crown
China has been very open about its de-dollarization agenda. While the BRICS bloc of nations has expressed a desire to move away from a US dollar-based global system, none has been more steadfast than China. The nation has been pushing to make the yuan a global currency. The Chinese Communist Party (CCP) has even achieved substantial success for its efforts. China’s De-Dollarization Initiatives Taking Hold Source: Watcher.Guru China’s strategic movements have stealthily placed the yuan as a competitor to the US dollar in global trade. China’s de-dollarization initiatives have substantially put a question mark on the US dollar’s dominance. The yuan has seen a significant increase in global trade settlements over the last decade. The figure is only expected to rise over the coming years. Earlier this year, it was revealed that China has signed 40 currency swap agreements with foreign banks. The move further sheds light on how fast the country is moving away from the...