Dedollarization Accelerates as China's CIPS System Sees Yuan Volumes Surge

China's Cross-Border Interbank Payment System (CIPS), built as an alternative to the SWIFT/USD system, has grown from near zero to roughly $7 trillion per month in transaction volume in just over a decade, according to the post. CNY settlement volumes have reportedly doubled since the seizure of Russian reserves.
The post argues that repeated use of the dollar as a geopolitical tool has reinforced the case for alternatives, accelerating adoption of CIPS and the yuan, and that current US policy continues to push dedollarization forward.