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Currencies

China and Russia step up bid to challenge U.S. dollar's dominance

Moscow pushes BRICS reserve currency plan while Beijing expands yuan network

China launched a bank settlement network as an alternative to SWIFT in 2015.   © Reuters

TOKYO -- Efforts by China and Russia to chip away at the U.S. dollar's dominance in global payments have gained urgency with the Ukraine war and tensions over Taiwan.

Russian President Vladimir Putin in June touted plans to create a new international reserve currency based on a basket of currencies of BRICS members Brazil, Russia, India, China, and South Africa.

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