The Chinese yuan is increasingly being used in developing nations in Asia and Africa, a success for Beijing in its efforts to combat the ubiquity of the dollar.
The head of China’s central bank last month outlined his desire for a multipolar global currency order, and new data suggests that — despite the greenback’s global dominance — those hopes are, slowly becoming reality:
The share of dollar-denominated loans in emerging Asian economies declined 16% between the first quarter of 2022 and the second quarter of 2024, Nikkei reported, largely due to Chinese banks pivoting to yuan-based lending, while the South China Morning Post noted that an increasing number of African countries have signed up to use the currency for trade and investment.
