China is escalating efforts to diminish reliance on the U.S. dollar by prioritizing the use of national currencies in regional transactions, signaling a deeper commitment to de-dollarization across Eurasian economies. At a high-level meeting in Beijing on June 3, Chinese Deputy Prime Minister Ding Xuexiang laid out the country’s strategic objectives in front of finance ministers and central bank leaders.

With China holding the rotating presidency of the Shanghai Cooperation Organization (SCO) in 2025, Ding outlined how Beijing plans to use its leadership role to drive economic and financial coordination. “This year is the year [of presidency] of China,” he said, adding:

We are ready to use this opportunity to work together with other countries – SCO members on development priorities, strengthen financial cooperation, expand payments in national currencies, promote inclusive digital finances and proactively work on creation of the SCO development bank.

China’s agenda reflects its broader goal of establishing alternative financial mechanisms that operate independently of dominant Western systems.

Russia, a key member, echoed these themes with data illustrating the trend’s momentum. Deputy Finance Minister Alexey Lavrov stated that the economies of member countries are expanding at almost twice the global rate, while Russia’s trade with these nations has doubled over the past three years. The share of payments in national currencies has also increased by 50%.

The Russian official emphasized the need for “independent financial infrastructure, resilient to external effects,” arguing that this shift will insulate regional economies from global volatility and enable long-term monetary sovereignty. The ministry added that efforts should now focus on advancing financial autonomy through expanded digital tools, a proposed development bank, and a network of research centers to support fiscal policy coordination.

China’s Finance Minister Lan Fo’an stressed the importance of cooperation in facing global headwinds such as protectionism, geopolitical tensions, and climate-related disruptions. He pointed to new opportunities arising from digitalization and industrial transformation, and reaffirmed Beijing’s commitment to multilateral engagement, stating:

Organization members should firmly support multilateralism, strengthen coordination of the macroeconomic policy and continue deepening practical financial cooperation.

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