Financial TimesFinancial Times

Prepare for a multipolar currency world

By Gillian Tett

30 Mar 2023 · 3 min read

Editor's Note

Vladimir Putin and Xi Jinping seek to challenge the global financial dominance of the U.S. dollar. They might have more success than many people assume, argues the FT’s Gillian Tett.

This month, Russia and China are sparking new jitters in Washington. That is primarily because of their stage-managed displays of diplomatic unity, around Ukraine and much else.

But it is also down to money: during a visit by Xi Jinping to Moscow last week, Vladimir Putin pledged to adopt the renminbi for “payments between Russia and countries of Asia, Africa, and Latin America”, in a bid to displace the dollar.

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