Cannot overstate how big a deal this is. The death of the petrodollar and the status of USD as the world reserve currency is happening before our eyes. This will have a profound impact on the United States' ability to project power, raise funds for things like military spending, and drastically reduce the effect of American sanctions. If China pulls this off it would be an absolutely huge win for the CPC. The reason China is doing this now is because they have a lot of reserves in USD and don't want the United States to lock them up like they did Russia in the event of a conflict. They're taking proactive steps now to dedollarise the Chinese economy to minimize the negative effects of US sanctions.
thethirdgracchi [he/him, they/them]·2 years ago