China promotes renminbi use globally to cut US dollar reliance
China is making a big push for its currency, the renminbi (RMB), to be used more around the world and not just at home.
The goal? Rely less on the US dollar, especially as global tensions rise.
Countries facing US sanctions are starting to use RMB for trade to get around Western financial systems.
Even Hong Kong's Museum of History is highlighting how important this move is for China's long-term strategy.
RMB about 3% of global transactions
China has built its own international payment system (CIPS) as an alternative to SWIFT and set up currency swap deals so countries can trade without using US dollars.
Still, strict rules on moving money in and out of China mean RMB only makes up about 3% of global transactions right now.
Even so, China's steady push, especially with countries looking for options beyond Western banking, shows they're in this for the long haul.