President Xi Jinping is supercharging efforts to rival the most powerful currency in the world.
China is pushing through deals linked to the yuan as it seeks to circumvent US attempts to weaponize the dollar. Agreements to transact some payments in the Chinese currency from Saudi Arabia, Brazil and even France have been signed in recent months.
Sanctions on Russia — an acute reminder of the greenback’s unique dominance in the global economy — have been a potent catalyst in expanding the use of an alternative.
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For Beijing, the aim is to carve out a much bigger chunk of the international economy that doesn’t need the dollar at all. In the long run, that makes China less vulnerable to efforts to alienate it through investment restrictions or sanctions.
It’s a welcome development for smaller nations — including at least a dozen in Asia — that are also experimenting with de-dollarization. Countries like Bangladesh and Laos have stepped up negotiations with China to boost their use of the yuan too.

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