Key Takeaways:
Western sanctions on Russia have begun to erode the dollar's long dominance in international oil dealings
Russia's Finance Ministry has opted to convert its market operations to the Chinese yuan instead of the US dollar and developed a new structure to hold 60% of its assets in yuan
Growing interest in using local currencies for trade in Southeast Asia, particularly for intra-regional transactions, reduces dependence on the US dollar, euro, yen, and British pound
China has taken multiple steps to promote the internationalization of the yuan and reduce its reliance on the US dollar, but progress remains limited due to structural constraints
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