US dollar and euro see declining influence in the international monetary system

The Shifting Landscape of Global Currencies

Long before current international conflicts heightened, the stability of the US dollar-led global monetary framework was already showing signs of strain. This shift has been largely influenced by China's emergence as a major economic force, with its currency—the renminbi—steadily gaining traction in worldwide trade. Beijing's efforts to promote the renminbi on the international stage have further accelerated this trend.

Traditionally, a currency's influence is assessed by its use in reserves, international settlements, and global financing. In each of these areas, the renminbi has achieved notable advancements. A 2025 publication from the People's Bank of China highlights the currency's growing presence and impact in the global financial system.