China is aggressively expanding overseas RMB lending, reaching $480bn in five years, to boost the currency's global role and reduce reliance on the US dollar. This strategy aims to counter the weaponization of the dollar, primarily by increasing RMB use in trade finance, where it's now the second most-used currency. Beijing is also building its Cips payment system and opening markets via Hong Kong to foster a multi-polar system.
https://www.ft.com/content/4577100f-8b71-4647-8e7e-fead115d9552