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China accelerates the process of de-dollarization through its role as chair of the SCO.
China is accelerating its de-dollarization strategy while holding the rotating presidency of the Shanghai Cooperation Organization (SCO) in 2025. Deputy Prime Minister Dinh Hoc Tuong emphasized the goal of promoting payments in local currency, enhancing financial cooperation, and facilitating the establishment of the SCO Development Bank.
Russia strongly supports this trend, stating that trade with SCO countries has doubled in the past three years, while payments in local currencies have increased by 50%. Both China and Russia are calling for the establishment of independent financial infrastructure to reduce dependence on the Western system.
China is committed to continuing to promote multilateral cooperation, countering protectionism and geopolitical fluctuations through digitization and financial reform.