China is leveraging swap lines, bond issuances, and geopolitical partnerships to create a multipolar financial order without full capital liberalization. The share of yuan in China’s trade has doubled since 2019, and offshore lending in yuan has surged. Beijing is building non-dollar infrastructure, like the CIPS payment system and digital yuan, to bypass Western networks and offer sanctions-proof alternatives.
https://www.economist.com/china/2025/09/10/china-is-ditching-the-dollar-fast
