As the term "de-dollarization" grows increasingly widespread, questions have arisen over the future of the U.S. dollar's role in the international economic order and the dominance it has had thus far. China's intent to internationalize the renminbi/yuan (RMB), as outlined in the People's Bank of China (PBOC) 2022 RMB Internationalization annual report, has caused observers to question whether dollar dominance is coming to an end. Countries have begun settling bilateral trade with China in RMB in place of dollars, and some are now using the RMB more often in third-party transactions. Other countries are in the process of accumulating RMB in their foreign reserves through currency swaps conducted with China. ...
