De-dollarization efforts are accelerating right now as China and Russia continue to strengthen their economic ties to challenge the dollar’s long-standing dominance. At the time of writing, both nations are actively pursuing alternative global currency solutions while also deepening their strategic partnership amid the current shifting geopolitical dynamics.
Chinese Foreign Minister Wang Yi has recently signaled support for consensus between the US and Russia on Ukraine, and this clearly highlights the ongoing global economic shift toward a new financial order.
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Exploring the Rising Threat of De-dollarization and the Role of China and Russia
Strategic Partnership Deepens
The de-dollarization push has gained significant momentum when, just last month, Chinese leader Xi Jinping and Russian President Vladimir Putin pledged to strengthen ties even further. Their cooperation agreement, which actually declares “no limitations” to their partnership, underpins a joint vision for an alternative economic system.
Chinese Foreign Minister Wang Yi stated:
“China supports all efforts aimed at achieving peace, including the recent consensus reached between the United States and Russia, and expects the parties to find a sustainable and long-term solution that will address their mutual concerns.”
Wang’s comments at the G20 summit reflect China’s growing role in reshaping global currency dynamics through strategic alliances that are aimed at reducing dollar dependence.
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Creating New Financial Pathways
Both nations are currently developing alternative payment systems to essentially bypass dollar-based transactions. This de-dollarization strategy includes expanding gold reserves while also reducing US Treasury holdings, and also settling bilateral trade in their national currencies instead.
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— BRICS News (@BRICSinfo) March 26, 2025
Russian Foreign Minister Sergei Lavrov remarked:
“The fact that Donald Trump’s men want to make these relations mutually beneficial where possible, based on mutual respect where we disagree, and prevent the disputes of the two largest nuclear powers from turning into a conflict, shows that we have a consensus here.”
These coordinated efforts toward de-dollarization represent a significant challenge to Western financial institutions and could possibly establish a new world order economy in the coming years, such as we’ve never seen before.
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Shifting Power Dynamics
China says it supports the efforts of the United States and Russia to end the conflict in Ukraine.
— BRICS News (@BRICSinfo) March 26, 2025
"It's necessary to create a consensus to resolve this conflict and lay the foundations of peace." pic.twitter.com/tzxaz5Nh6t
The movement toward de-dollarization has been strengthened recently by various geopolitical developments. China continues to position itself as a mediator while simultaneously working to undermine the dollar’s global dominance.
Wang Yi emphasized at the G20:
“We must insist on resolving differences between countries and international and regional hotspots through dialogue and negotiations in a peaceful manner, refrain from confrontation between camps and interfering in the internal affairs of other countries.”
This statement really underscores China’s approach to global economic shift through diplomatic channels, while steadily advancing alternative global currency initiatives with Russia.
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Lavrov ironically noted about European leaders:
“Names like Macron, Starmer, Vonderlein immediately started shouting ‘now the ball is in Russia, Vladimir Putin’. Three days ago they had all said there would be no ceasefire, that they should ‘throttle’ Ukraine before sitting down at the negotiating table so that he could speak from a position of strength. As soon as the wind changed direction, they instantly changed their position.”
This latest and ongoing de-dollarization push by China and Russia signals some profound changes for global trade and finance systems as these powers work to establish a new economic framework that is essentially independent of Western control.