China Seeks to Dethrone Dollar to Corner World Energy Markets

Why Beijing's plan to supplant the dollar might succeed or fail

Chinese yuan and U.S. dollar banknotes are seen in this illustration taken on Feb. 10, 2020. Dado Ruvic/Illustration/Reuters

News Analysis

A longstanding plan by China and Russia to replace the U.S. dollar as the world’s reserve currency has had a string of recent headline-grabbing successes, as China methodically builds a rival monetary system that has been dubbed “Bretton Woods III.”