‘War in Ukraine May Speed Up China’s Plan to Insulate Against U.S. Dollar’, Says Fed Chair

China could very well accelerate its plans to come up with alternatives to the world’s dollar-dominated international payments system, after seeing Russia becoming isolated economically, according to Federal Reserve Chairman Jerome Powell.

Powell made the assessment on March 3 during a Senate Banking Committee hearing, when he was questioned by Sen. Jack Reed (D-R.I.), who is the chairman of the Senate Armed Services Committee.