Commentary

US Dollar to Remain Dominant Despite RMB Internationalization

U.S. Dollar to Remain Dominant Despite RMB Internationalization

In recent months, a growing chorus of analysts has argued that the U.S. dollar’s dominance is waning, with China’s renminbi (RMB) emerging as the leading replacement.

Other analysts, however, take a more circumspect view. They concede that some countries are moving to use currencies other than the USD for trade and reserves purposes, but doubt that the RMB will systemically replace the dollar anytime in the foreseeable future. The Asia Group assesses that most evidence supports this view.

China and Russia are clearly motivated to ramp up RMB use to settle trade transactions because of the U.S.-led sanctions against Moscow. Those sanctions have frozen much of Russia’s foreign currency reserves and removed major Russian banks from SWIFT, which facilitates most international banking transactions.

Related Posts

The Asia Group Welcomes Michael Switow as Principal to Further Strengthen Singapore Office and Southeast Asia Practice
Singapore & Washington, DC | July 10, 2025 – The Asia Group (TAG) is pleased to announce that Michael Switow ...
The Asia Group Announces Aman Raj Khanna as Partner
Washington, DC, New Delhi, & Mumbai | July 9, 2025 – The Asia Group (TAG) is pleased to announce the ...
TAG Chairman and Co-Founder Kurt Campbell Joined CNBC’s @Squawk Box Asia for an Interview Unpacking the Looming July 9 Tariff Deadline
“The level of dread in Asia…is off the charts,” said TAG Chairman and Co-Founder Kurt Campbell. He joined CNBC’s @Squawk ...
TAG China Country Director Han Lin Joins the BBC to Discuss the U.S.-Vietnam Trade Deal, Mexico Remittances, the U.S. “Big Beautiful Bill” and Other Topics
Han Lin, China Country Director at The Asia Group, told the BBC that while the passage of the “Big Beautiful ...
Scroll to Top

You Are Applying For:

U.S. Dollar to Remain Dominant Despite RMB Internationalization

Apply Now

Submit the details below, and our HR team member will get in touch with you shortly.

The Asia Group is an equal opportunity employer where an applicant’s qualifications are considered without regard to race, color, religion, sex, national origin, age, disability, veteran status, genetic information, sexual orientation, gender identity or expression, or any other basis prohibited by law. The Asia Group continually seeks to diversify its staff, particularly to broaden opportunities for individuals from demographic groups that are historically underrepresented in the strategic advisory profession.

"*" indicates required fields

1Personal Details
2Questionnaire & Application Materials
3Voluntary Self Identification

Personal Details

Name*
Address*