China Is Defanging the Dollar, Not Dethroning It
China’s renminbi-based trade with countries such as Russia and Iran is less about de-dollarizing the world economy and more about de-weaponizing the dollar.

Ho-fung Hung is Professor of Political Economy at Johns Hopkins University and the author, most recently, of Greenback Empire: Global Dollar Dominance and the New Cold War (University of Chicago Press, 2026).