Technology, not geopolitics, may recast the world monetary order4 min read . Updated: 19 Mar 2023, 10:57 PM IST
Tech enablers are freeing global payments from the dollar’s clutches but the renminbi isn’t a gainer
When the United States and its G7 partners imposed sanctions on Russia’s central bank and barred Western financial institutions from doing business with Russian counterparties, commentators warned of far-reaching changes in the global monetary and financial order. Other countries would see those sanctions as yet another step in the West’s “weaponization" of finance. Fearing that they, too, might one day be at the receiving end of sanctions, governments and central banks would reduce their dependence on the US dollar, US banks, and the US-dominated Society for Worldwide Interbank Financial Telecommunication (Swift).
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