China Restructures Financial System to Reduce Reliance on US Dollar

According to the Financial Times, China has revamped its financial infrastructure to facilitate global trade without dependence on the US dollar.

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Terms & Concepts
  • US Dollar Dominance: The role of the US dollar as the primary currency for global trade and reserves, often used as the standard for international settlements.
  • Financial Infrastructure: The systems, institutions, and technologies that enable the functioning and regulation of a country's financial activities and transactions.
  • Global Trade Settlement: The process of completing international transactions, typically involving currency exchange and transfer of funds between countries.