Will Geopolitics Accelerate China’s Drive Towards De-Dollarization?

Ryan John M. T. ()
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Ryan John M. T.: Ifo Institute – Leibniz Institute for Economic Research at the University of Munich, Poschingerstr. 5, 81679 Munich, Germany

The Economists' Voice, 2024, vol. 21, issue 2, 297-309

Abstract: The war in Europe has not only re-drawn strategic lines and trade flows, but with complex sanctions in place, may also have a lasting impact on currency regimes. Beyond the Russia-Ukraine conflict, a different, slower but still more strategic shift is taking place in relations between the United States and China. The US is not seeking a full decoupling of trade between China and the US and its allies – there are many deep dependencies on both sides and, overall, trade continues to grow. China, on the other hand has been casting its political and economic capital into strategic alliances that include notions of a new currency regime – in parts because of the sanctions imposed by the G7 alliance. The question for this paper therefore is whether it is still a question of if de-dollarisation is happening or rather how fast.

Keywords: United States; China; Dollar; Renminbi; geopolitical (search for similar items in EconPapers)
JEL-codes: E5 E50 F3 F4 F5 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1515/ev-2024-0026

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