U.S. Dollar to Remain Dominant Despite RMB Internationalization
China, United States
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.
台北與華盛頓特區 | 2025年7月14日 — 美商亞洲集團（The Asia Group）欣然宣布，台灣前經濟部次長陳正祺（Chern-Chyi "C.C." Chen）先生已加入本公司，擔任資深顧問，常駐台北。陳正祺是美商亞洲集團在台的首位資深顧問，他的任命亦代表本集團對協助客戶將台灣商業潛力極大化的長期承諾。
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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.
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美商亞洲集團（The Asia Group）歡迎陳正祺先生擔任台灣辦公室資深顧問