China Unveils Yuan Push Amid Escalating Trade War with US
China has launched an "Action Plan" to promote the yuan and its own payment system in global trade as tensions with the US intensify.
• Released by Shanghai’s municipal gov’t, China’s central bank, and top regulators
• Aims to make Shanghai a global financial hub and boost yuan usage, especially in the Global South
• Plans to expand and enhance CIPS, China’s cross-border payment system — a direct alternative to SWIFT
• The country will support fintech startups with overseas clients and push forward the Belt and Road Initiative
• The goal: reduce reliance on the dollar and mitigate risks from potential US financial restrictions
China’s message is clear — it’s building a parallel financial system, one yuan at a time.
