Loud calls to replace the U.S. dollar appeal more to local domestic constituencies than to international financial actors.
China has responded to U.S. sanctions by expanding its own sanctions toolkit and designating American companies as “unreliable.”
China restrictions on the acquisition and export of economic and financial sector data will deter much-needed foreign direct investment.
An RMB-based financial ecosystem will help facilitate and reduce the costs of sanctions circumvention for China.
A new global economic order will not emerge out of a new BRICS currency or de-dollarization happening overnight.
Western sanctions continue to take a toll on Russian oil revenues. But Moscow is stepping up its evasion efforts.
Asian economies have considerably reduced the impact of Western sanctions by acting as new customers for its commodity sales.
Chinese coercion has taken its toll on the South Korean economy, but it is prompting Seoul to reduce its exposure to China.
Shrinking access to the Chinese market under U.S. export controls is bound to spur heightened competition and geoeconomic conflict.
If the U.S. doubles down on dollar weaponization, then AMF 2.0 or lookalikes will become countervailing steps that push for de-dollarization.