China's Belt and Road: From Dedollarization to Global Influence
China signed a series of yuan-denominated loans at the Belt and Road Initiative forum, marking a shift away from the US dollar and accelerating efforts to de-dollarize global finance. The loans, signed by China's policy banks, included agreements with Malaysia's Maybank, Egypt's central bank, BBVA Peru, and Saudi National Bank. China also allocated an additional 80 billion yuan ($10.94 billion) for its Silk Road Fund. These moves align with China's goal to internationalize the yuan and reduce reliance on the dollar, as evidenced by the increasing use of the yuan in international payments and the establishment of currency swap agreements and yuan-clearing arrangements with partner countries.