As international monetary tensions intensify, China is accelerating its offensive against the dollar's dominance. Beijing formalizes the launch of a strategic plan to impose its own international payment system. This initiative marks a significant shift in the redefinition of global financial flows, reinforcing China's ambition for a multipolar economic order. By directly targeting traditional Western-dominated networks, this move is now capturing the attention of markets, governments, and major financial institutions.
In summary
China formalizes an ambitious plan to promote its own international payment system.
Shanghai becomes the nerve center for the development of the CIPS network, a direct alternative to SWIFT.
Beijing is seeking to strengthen the use of the yuan in cross-border exchanges and support its overseas businesses.
The project aims to reduce the BRICS' dependence on the US dollar and consolidate their financial independence.