Source: World Economic Forum (video statements)
More than $150 trillion moves across borders each year through the global financial system, the vast majority of it still denominated in dollars. As geopolitical tensions fragment trade relationships and middle powers look to diversify their financial exposure, alternative currencies are gaining quiet traction, such as the recent renewal of a 200-billion-yuan swap line between the Bank of Canada and the People’s Bank of China.
How might a growing willingness among these economies to transact in alternative currencies reshape the structure, stability and sovereignty of the international financial system?