China and Russia are working on homegrown alternatives to the SWIFT payment system. Here's what they would mean for the US dollar.
a visiting research professor at the National University of Singapore's East Asian Institute.
Russia's SPFS, on the other hand, has been limited to domestic use. New members are not likely to join now, as the move could be construed by the US and its allies as trying to help Russia evade sanctions, Srinivas wrote in a March report.
, mainly because Beijing still manages its value tightly. It also isn't fully convertible to other currencies on the global market right now.is significant because the country is an energy powerhouse — so the rise of an alternative currency for the industry could cause knock-on impact on a world trading system dominated by the dollar. However, experts say Russians won't allow themselves to become so dependent on USD, and instead expect a pivot to China.
"The role of CIPS for bilateral trade settlements between Russia and China for yuan transactions will likely grow over the medium term," said Rajiv Biswas, the Asia Pacific economist for S&P Global Market Intelligence.
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