China Dares to De-Dollarize, FT Wonders Why No One Cheered
The Financial Times notes a 'surge' in overseas Renminbi lending as China pursues 'de-dollarisation.' (As if this is an aggressive act, not a natural response.) What the FT’s careful analysis often omits is the context: decades of weaponizing the dollar through sanctions, freezing assets, and dictating global financial terms. Countries aren't 'campaigning' against the dollar so much as seeking
stability from a system prone to political leverage. It's less about China's ambition and more about Washington's consistent overreach, which makes alternatives look increasingly attractive. One might wonder if nations, tired of seeing their foreign reserves held hostage by US foreign policy—especially policy heavily influenced by entities like AIPAC, which poured over $7.2 million into
congressional races in 2022 (OpenSecrets.org), often pushing for aggressive stances—are simply hedging their bets. The FT frames this as a proactive Chinese 'campaign,' but it also reads as a reactive global trend. How many times can a global reserve currency be used as a political cudgel before economies seek a less volatile hammer?