{"id":639871,"date":"2026-10-08T06:10:54","date_gmt":"2026-10-08T06:10:54","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/639871\/"},"modified":"2026-10-08T06:10:54","modified_gmt":"2026-10-08T06:10:54","slug":"china-is-coming-slowly-for-the-dollar","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/639871\/","title":{"rendered":"China is coming, slowly, for the dollar"},"content":{"rendered":"

China\u2019s competitor to the dollar-denominated system that zips money between global banks saw record daily volume in August. A spike last spring, as the Iran war sent sanctioned companies looking for a way around Washington, now looks less like a blip and more like a permanent, if small, leg-up for Beijing\u2019s efforts to build a parallel system of financial plumbing.<\/p>\n

\"A<\/p>\n

This isn\u2019t the death of the dollar. New data from Atlantic Council researchers Jessie Yin and Lize de Kruijf shared first with Semafor, shows the greenback still underpins most global trade and foreign-exchange transactions. (Try converting Turkish lira to Indian rupees without going through the greenback.)<\/p>\n

\u201cThe top line numbers all remain stable,\u201d said Josh Lipsky, the Atlantic Council\u2019s chair of international economics. \u201cBut look underneath the hood and there\u2019s some worrying signs.\u201d<\/p>\n

China\u2019s efforts to dethrone the dollar have so far mostly been a curiosity. Renminbi\u2019s place in global central-bank reserve coffers has actually fallen<\/a> since 2022, despite Beijing shoveling its currency into developing economies through central-bank swap lines. But crises can reset the board: The number of direct participants in Beijing\u2019s cross-border interbank payment system has more than doubled since Russia\u2019s invasion of Ukraine, and the resulting weaponization of Western financial networks<\/a> to freeze Russian assets.<\/p>\n","protected":false},"excerpt":{"rendered":"China\u2019s competitor to the dollar-denominated system that zips money between global banks saw record daily volume in August.…\n","protected":false},"author":2,"featured_media":639872,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[114,184,85,46],"class_list":["post-639871","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-il","tag-israel"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/639871","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=639871"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/639871\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/639872"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=639871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=639871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=639871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}