De-dollarization accelerates as China's RMB soars past Euro, Yen; China builds new financial system

Worldwide adoption of China's currency, the renminbi (RMB), is gaining steam as the de-dollarization push takes hold across the non-G7 countries.
Two macro factors are accelerating the growth of the RMB in place of the US dollar as the preferred currency for trading and settlements. The economic sanctions against Russia, which froze and then seized billions of dollars of Russian USD reserves held in custody in Western banks, are forcing countries and companies to de-risk by moving their reserves from SWIFT-associated financial institutions. Another crucial factor is the high US interest rates, which are sucking in hundreds of billions of dollars from global accounts to feed huge and growing fiscal deficits.
High US government borrowing causes USD to be drained from the global system. Ironically, this causes USD to gain in value outside the US, while feeding inflation and reducing the dollar's strength inside the country.
Simply by moving its USD and Euro reserves from US and European banks to Chinese-based institutions, Chinese banks enjoy the best of all worlds: they receive billions of USD and Euro every day through trading surpluses, and can then lend those foreign currencies and create assets and economic activity on their own balance sheets. Analysis of Chinese banking and lending data confirm explosive growth in Chinese lending abroad, in both RMB and USD.
Resources and links:
Inside China Business, China isn't dumping dollars. They're dumping banks, and setting up a new financial system.
• China isn't dumping do...
National Debt of the United States
en.wikipedia.o...
SCMP, Global use of China’s yuan up sharply, beating pound and yen on internationalisation index
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The renminbi overtakes the euro as a trade settlement currency as its use in global trade finance accelerates
asiahouse.org/...
Bloomberg, The Yuan Is Finally Showing Some Muscle in International Trade
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Third time lucky? China’s push to internationalise the renminbi
tps://www.bruegel.org/policy-brief/third-time-lucky-chinas-push-internationalise-renminbi
Closing scene, Guilin, Guangxi province