How Western sanctions could make China the winner of the war in Ukraine | Opinion
from 71% to roughly 60% over the last 12 years, the difference has been made up by an array of other currencies, including a very small presence of yuan, not a single table-turning challenger.
That could change if BRICS countries and others feel compelled by the impact of Ukraine-related sanctions to build alternative economic infrastructures with China squarely at the head of the table. Such a development would all but eliminate the effectiveness of future sanctions by democratically inclined nations and give autocracies a safe economic space in which to flourish.
To be fair, such a move would not be without risk to China, which remains the world’s largest holder of U.S. currency. But China need not replace the dollar with the yuan to achieve its goal of weakening U.S. influence over the global economy.
Todd J. Stein is a principal of Braeside Capital, L.P., a Dallas-based private investment partnership. He wrote this column for The Dallas Morning News.
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