HONG KONG/TOKYO — The dollar is losing share to the Chinese yuan in lending to developing nations in Asia, marking a rare success for Beijing in its yearslong efforts to challenge the dominance of the greenback.
Between the first quarter of 2022 and the second quarter of 2024, dollar-denominated loans to emerging Asian economies declined 16%, due to Chinese banks increasingly shifting to yuan-denominated lending, according to a study published in May by the Federal Reserve.
