In this TV interview with Al Arabiya aired on 27th May 2025, Dr. Nasser Saidi discussed whether the EUR & CNY could emerge as an alternative to the dollar in global trade. (Summary points are provided in English towards end of the page). 

Watch the TV interview via this link 

Summary points. 

Dr. Nasser Saidi was on Al Arabiya News Channel discussing the changing currency landscape USD and its increasing weaponisation. As of Apr 2025, the USD accounted for 49.68% of global payment transactions vs EUR’s 22% and CNY’s 3.5%. USD dominance in the trade finance market is even greater, with an 82% share, versus just 6.15% for the yuan and 6.21% percent for the euro. (Source: SWIFT, May 2025). Similarly, the USD makes up 58% of international reserves currently, the lowest in decades, but still well above the euro’s 20% share. However, the future belongs to the Yuan and to digital currencies.

China is already the dominates global trade in goods. As global supply chains are reconfigured as a result of US trade wars, they will continue to pivot towards Asia and China. Over time (i.e. decades) the yuan – and particularly the digital yuan – are likely to form the basis of a growing share of non-dollar trade financing. As an example, there was a China-UAE gas deal completed in CNY in 2023 & an eCNY-Digital Dirham cross-border CBDC payment (using mBridge) in Sep 2024.

The international payments infrastructure is also transforming. The China Cross-Border Interbank Payment System (CIPS) has functionality that goes beyond SWIFT since it is a real time payment system, not just messaging. It is faster, cheaper and more secure. But for the CNY to truly become a global reserve currency (apart from financing trade), China must accelerate the development of broad, deep and liquid domestic debt and financial markets and gradually allow full convertibility of the yuan.