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Some countries are increasingly getting uncomfortable with the US dollar’s dominance. Concerns increased considerably because the US-led West weaponised the international financial system against Russia after the Ukraine invasion. Clearly, no country wants to be in such a situation. The idea of reducing dependence on the dollar thus has gained greater urgency. China, notably, has been making significant efforts in this direction, which is perhaps consistent with its broader positioning as an emerging superpower. Saudi Arabia is reportedly considering settling some of its oil sales to China in yuan. Such an arrangement is said to pose a significant threat to the position of the dollar, which dominates the global petroleum trade. China is paying in yuan for imports from Russia.
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