China needs U.S. dollars but is building a hedge against Washington’s sanctions
Why it matters
China's efforts to build alternatives to dollar system could gradually reduce dollar dominance, but near-term impact is limited.
Details
The U.S. can pressure Chinese banks over Iran through access to its financial system, while Beijing is building alternatives such as CIPS.
Related assets & topics
SanctionsChinaBanksSources
- cnbc · 2026-08-25 16:00 UTC