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On China’s Challenge to the U.S. Dollar
06 November 2026

On China’s Challenge to the U.S. Dollar

CFR On the Record

About

In this episode, panelists examine China’s efforts to reduce its dependence on the U.S. dollar and build alternatives to the dollar-centered international financial system. Experts also assess the progress and limits of these efforts—including the internationalization of the renminbi, the development of alternative payment systems, and China’s growing financial ties with emerging markets—and what they mean for the future of U.S. financial power.


 


Host: Edward Fishman, Senior Fellow and Director of the Maurice R. Greenberg Center for Geoeconomics, Council on Foreign Relations


 


Guests: Martin Chorzempa, Dennis Weatherstone Senior Fellow, Peterson Institute for International Economics; CFR Term Member


 


Robert Greene, Partner and Chief Operating Officer, Patomak Global Partners; Nonresident Scholar, Asia Program and Technology and International Affairs Program, Carnegie Endowment for International Peace


 


Jess Hoversen, Chief Economist, Column; Nonresident Senior Fellow, GeoEconomics Center, Atlantic Council


 


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