Yuan’s Growing Clout Undermines Washington
3 Articles
3 Articles
Yuan’s growing clout undermines Washington
The yuan’s growing clout is undermining Washington’s ability to impose sanctions on geopolitical rivals. Dollar transactions, which are settled by US banks that Washington can control, are used in about 80% of international trade finance. The White House’s Iran negotiations rely on the dollar’s leverage, but Tehran has blunted that weapon by using alternative financial architecture, The Wall Street Journal reported, including payments in yuan or…
China is trying to weaken the dominance of the US dollar in the global economy. The growing use of the yuan and alternative payment systems makes it easier for countries like Iran and Russia to circumvent Western sanctions. At the same time, Beijing is strengthening its geopolitical influence and independence from the United States.
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