China Urges International Community to Find Alternatives to ‘Weaponized’ US Dollar by Schiff Gold.
In an opinion piece published yesterday, a Chinese government newspaper called for the international community to find alternatives to the global dollar system and warned “capricious actions” by the United States government could “ruin the future of the dollar itself.”
It’s easy to shrug off calls for a dollar replacement by countries like China. After all, the US and China are in the midst of a trade war and have had a rocky relationship for several years. But traditional American allies have also grown weary of the US using the dollar as leverage and they have also started taking steps to undermine dollar-dominance. As we reported last week, a European payment system set up to circumvent US sanctions on Iran will be ready soon.