China is looking to make a major move against the dollar"s global dominance, and it may come as early as this year. The new strategy is to enlist the energy markets" help: Beijing may introduce a new way to price oil in coming months — but unlike the contracts based on the U.S. dollar that currently dominate global markets, this benchmark would use China"s own currency. If there"s widespread adoption, as the Chinese hope, then that will mark a step toward challenging the greenback"s status as the world"s most powerful currency.
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