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BRICS Powerhouse China Accelerates Yuan Internationalization, Challenging Dollar Dominance

BRICS Powerhouse China Accelerates Yuan Internationalization, Challenging Dollar Dominance

Author:
WatcherWGuru
Published:
2026-03-10 13:51:50
6
3

BEIJING, March 10, 2026 – China's central bank governor, Pan Gongsheng, announced a decisive push to internationalize the Chinese yuan, directly challenging the U.S. dollar's global hegemony. The move, aimed at simplifying cross-border transactions and promoting yuan usage in trade, signals a strategic pivot by the BRICS member to reshape global financial flows, even as the bloc's broader de-dollarization efforts reportedly scale back. "We are steadily promoting the internationalization of the yuan," Gongsheng stated, confirming plans to aggressively push the currency for payment settlements among BRICS nations, a system already demonstrated by Russia settling nearly 90% of its trade with China in local currencies.

BRICS: The Yuan Charting a New Course

Chinese Yuan China Currency

Source: AFP

China has been actively promoting the yuan within BRICS and now plans to go beyond the alliance. The People’s Bank of ChinaGongsheng noted.

The governor added that BRICS member China is regularly in contact with the European Union for yuan usage. The country is also in contact with Brazil and the Global South, urging cooperation on the front. He added that consultations are being held, and the proactive participation could push the currency ahead.

China could also promote the yuan in the upcoming BRICS summit in New Delhi this year. However, the alliance is consensus-based and only after all members agree can the ideology go ahead.

|Square

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