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Barca edge Real Madrid in extra-time to win wild Copa del Rey final
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'Legendary' Eubank Jr beats Benn in grudge bout
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Thunder sweep past Grizzlies into NBA playoffs 2nd round, Cavs on brink
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South Korea's Ryu and Japan's Saigo share LPGA Chevron lead
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Canada leaders make closing pitches in campaign upended by Trump
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De Bruyne's Man City exit 'so difficult' for Guardiola
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'No regrets' for Amorim over Man Utd move
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Lyon and Strasbourg win to close in on Europe, Montpellier relegated from Ligue 1
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Toulouse thrash Castres as Top 14 pursuers stumble
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Djokovic crashes to nervous Arnaldi in Madrid opener, Swiatek advances
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Olympic champs Russell, Davis-Woodhall win at Drake Relays
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Browns end Sanders long draft slide
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Cavs crush Heat, on brink of NBA playoff sweep
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Fire rages after major blast at Iran port kills 8, injures hundreds
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Kiwi Beamish wins Penn Relays 1,500m crown with late kick
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Mbappe on Real Madrid bench for Clasico Copa del Rey final
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England survive France fightback to seal Women's 6 Nations slam
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Palace sweep past Villa to reach FA Cup final
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CAF appoint Moroccan Lekjaa first vice-president
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Major blast at Iran port kills 5, injures hundreds
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Rodgers vows to stay with Celtic after fourth successive Scottish title
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Ipswich relegated as Newcastle, Chelsea boost top five bids
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Canada leaders make final pitches in campaign upended by Trump
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Mullins -- Ireland's national training treasure
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US, Iran say progress in 'positive' nuclear talks
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Mullins emulates O'Brien with second successive trainer's title
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Ipswich relegated after one season in Premier League
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Just Stop Oil activist group holds final march
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Djokovic crashes to nervous Arnaldi in Madrid opener
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Syria's Kurds demand 'democratic decentralised' Syria
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Leverkusen win to delay Bayern and Kane's title party
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Buenos Aires farewells native pontiff with tears and calls to action
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Turkey's opposition says Erdogan's canal plan behind latest arrests
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Maresca hails 'nasty' Chelsea as top five bid stays alive
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Trump raises Putin doubts after Zelensky talks at pope's funeral
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Major blast at Iran port kills 4, injures hundreds
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Napoleon's sword to be sold at auction in Paris
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Iran, US discuss nuclear deal in third round of talks
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Buenos Aires farewells native pontiff with call to action
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Warholm sets hurdles world record at Diamond League, Holloway shocked
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US students 'race' sperm in reproductive health stunt
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Wikileaks founder Assange joins crowds for pope funeral
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Leader Marc Marquez claims Spanish MotoGP sprint victory
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Celtic win fourth successive Scottish Premiership title
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Jackson ends drought as Chelsea boost top five push
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Warholm sets 300m hurdles world record in Diamond League opener
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Major blast at south Iran port kills 4, injures hundreds
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Russia says retook Kursk from Ukraine with North Korean help
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Francis laid to rest as 400,000 mourn pope 'with an open heart'
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Trump, Zelensky meet on sidelines of pope's funeral
China Targets Dollar at US Critical Moment
China has intensified its financial offensive against the United States, deploying significant measures to undermine the dominance of the US dollar at a time when America faces mounting economic and geopolitical challenges. Reports indicate that the People’s Bank of China (PBOC) has directed major state-owned banks to prepare for large-scale interventions in offshore markets, selling dollars to bolster the yuan. This move, seen as a direct challenge to the dollar’s status as the world’s reserve currency, coincides with heightened US vulnerabilities, including domestic political instability and a ballooning national debt nearing $35 trillion.
The strategy builds on years of Chinese efforts to internationalise the yuan and reduce reliance on the dollar. Since 2022, China has accelerated dollar sell-offs, with Reuters noting similar directives from the PBOC in October of that year amid a weakening yuan. More recently, Beijing has leveraged its position as a key holder of US Treasury securities—still over $800 billion despite gradual reductions—to exert pressure. Analysts suggest that China aims to exploit the US’s current economic fragility, exacerbated by inflation and supply chain disruptions, to advance its long-term goal of reshaping global financial power.
Russia’s alignment with China has further amplified this campaign, with both nations increasing trade in non-dollar currencies. In 2023, yuan transactions surpassed dollar-based exchanges in Sino-Russian trade, a trend that has only deepened. Meanwhile, whispers of more aggressive tactics persist, including unverified claims of plans to confiscate US assets within China, encompassing government, corporate, and individual investments. While such measures remain speculative, they reflect the growing audacity of Beijing’s financial warfare.
The timing is critical. The US faces a contentious election cycle and a Federal Reserve grappling with interest rate dilemmas, leaving the dollar exposed. China’s actions also resonate within the BRICS bloc (Brazil, Russia, India, China, South Africa), which has openly discussed de-dollarisation, with proposals for a unified currency gaining traction at recent summits. If successful, this could erode the dollar’s global hegemony, a cornerstone of American economic influence since the Bretton Woods agreement of 1944.
Yet, China’s gambit carries risks. Flooding markets with dollars could destabilise its own economy, heavily reliant on export surpluses tied to dollar-based trade. Moreover, the US retains significant retaliatory tools, including sanctions and control over the SWIFT financial system. For now, Beijing’s “big guns” signal intent more than immediate triumph, but the message is clear: China sees this as America’s moment of weakness—and its opportunity to strike.

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