China watchers have decried the emergence of the Cross-Border Interbank Payment System (“CIPS”) as a turning point in … the move to dethrone the U.S. dollar. This Article situates CIPS, which clears and settles Chinese renminbi transactions … monopoly over the renminbi. Although the global currency trading market exhibits competition, monetary sovereignty complicates …

and banks to use the renminbi as an alternative to the dollar. In addition to contributing to a broader understanding of …

euro and the Chinese renminbi (RMB). It focuses on what we call China’s “dominance hypothesis”, i.e. whether the renminbi … global financial crisis. These results are consistent with China’s dominance hypothesis and with the view that the … international monetary system is already tri-polar. However, we also find that China’s currency movements are to some extent …