China is seizing an opportunity to challenge American dominance in global finance and exert greater international influence at the expense of the all-powerful US dollar.
Geopolitical uncertainty – driven in large part by President Donald Trump’s often chaotic economic policy – has gripped markets in recent weeks, with the dollar falling to four-year lows. Meanwhile, investors are flocking to safe-haven assets, driving gold prices to record highs of more than $5,500 an ounce. That’s given China an opening to promote its own currency as a viable alternative.
Over the weekend, the flagship ideology journal of China’s Communist Party published remarks from President Xi Jinping that outlined plans to turn the renminbi into a global reserve currency. That’s the role the US dollar currently plays…
