China’s much anticipated international payment system is set to launch. It could be a big blow to the dollar—and America’s ability to police the world.
This year may go down as a turning point in United States economic history.
Reuters reports that three high-level Chinese officials have confirmed that China will launch its long-awaited international payment system in September or October. The system will allow foreign banks to conduct transactions in yuan instead of dollars and transfer funds across international borders without using America’s swift payment system.