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Digital Yuan’s Expanding Role in Global Trade Challenges SWIFT Dominance
Digital Yuan’s Expanding Role in Global Trade Challenges SWIFT Dominance
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China’s digital yuan continues its rapid ascent, now facilitating cross-border payments across multiple nations and accounting for 38% of global trade settlements. The central bank digital currency’s integration with BRICS payment systems marks a strategic shift away from traditional dollar-based transactions through SWIFT.
ASEAN member states and six Middle Eastern countries have adopted the e-CNY for cross-border payments, accelerating the de-dollarization movement. This development coincides with BRICS nations’ concerted push to reduce reliance on Western financial infrastructure.
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