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

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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.

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