The Chinese edition of The Wall Street Journal wrote on June 28: "This is the latest sign of a new development that is unsettling Washington. As China establishes an alternative financial system aimed at weakening Washington’s dominance over global affairs, an increasing number of illicit activities seeking to evade sanctions are now being conducted in renminbi."
This excerpt from the Chinese edition of The Wall Street Journal represents a typical Western geopolitical perspective—it accurately captures the core of the Sino-U.S. financial rivalry, yet carries a distinct political bias.
The acceleration of renminbi internationalization, along with the ongoing advancement of China-led payment systems (such as CIPS) and cross-border settlement mechanisms, objectively provides countries with an alternative to the SWIFT system (dominated by the West and Europe).
Washington’s “unease” reflects deeper anxieties within the U.S. administration—the effectiveness of financial sanctions is being eroded. As more trade circumvents the dollar system, America’s ability to achieve diplomatic objectives by cutting off access to SWIFT diminishes.
The media’s characterization of these activities as “illegal” is subjective and suggestive in tone. While any currency can potentially be used for gray or illicit transactions, equating renminbi internationalization directly with “evading sanctions” conflates political risk mitigation (de-dollarization) with criminal money laundering, attempting to frame China in public discourse as a “destroyer of sanctions.”
A more comprehensive perspective:
Nations under sanctions such as Russia and Iran, as well as oil-producing countries in the Middle East, are pushing for settlements in their own currencies primarily to hedge against geopolitical risks—not merely because they are being “induced” by China.
The renminbi’s share in cross-border payments and foreign exchange reserves remains far below that of the U.S. dollar, and China’s capital account is not fully open; thus, the renminbi cannot truly “replace” the dollar in the short term.
China’s official stance consistently emphasizes that cross-border renminbi business must adhere to the principles of “authenticity and compliance,” and anti-money laundering regulatory systems are continuously being strengthened.
The Wall Street Journal’s commentary highlights American anxiety over dollar hegemony. The stigmatization of the renminbi is one component of Washington’s broader strategy to contain the renminbi’s internationalization. This also reflects how the overextension of U.S. dollar hegemony is prompting other nations to seek alternatives—not because the renminbi is inherently aggressive, but because trust in the dollar’s reliability is declining.
Original article: toutiao.com/article/1869284951776256/
Disclaimer: The views expressed in this article are solely those of the author.