China’s Bold Move: 30 Nations Gather at SCO Summit to Accelerate De-Dollarization
Dollar dominance on trial as Beijing rallies allies for financial revolution.
The Shanghai Cooperation Organization becomes ground zero for the biggest challenge to US monetary hegemony since the euro's launch.
Thirty countries—including energy giants and emerging markets—answer China's call to reshape global trade flows. No more begging for SWIFT access or sweating Fed rate decisions.
Gold-backed yuan? Crypto bridges? The speculators are salivating. Meanwhile, Wall Street banks quietly update their crisis playbooks—just in case the 'exorbitant privilege' gets a little less privileged.
One thing's certain: when the history of 21st century finance gets written, this summit won't be a footnote. Unless, of course, it becomes another BRICS pipe dream—bankers' martinis will remain safely dollar-denominated for now.
China Pushes For De-Dollarization Ahead of the SCO 2025 Summit
Just recently, during the SCO Global Mayor’s Dialogue, China proposed to launch a digital trading platform to bypass the US dollar. The proposal is consensus-based, and all member nations have to agree with the development. If a new digital trading platform is launched after the SCO summit, it could advance de-dollarization at a faster pace.
Apart from de-dollarization, the 30 countries will also discuss transport, urban infrastructure, technology, investment, cultural ties, and green development. SCO consists of 10 member nations: China, India, Kazakhstan, Kyrgyzstan, Pakistan, Russia, Tajikistan, Uzbekistan, and Iran.
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China confirmed this month that it has settled 92% of all trades with its SCO counterpart, Russia, in local currencies. This includes payment settlements in both the Chinese yuan and the Russian ruble. Therefore, de-dollarization is a strong topic at the SCO 2025 summit, where China plans to push it on other countries.
