Chinese President Xi Jinping is stepping up efforts to compete with the world's most powerful currency, the dollar, writes Bloomberg..

China promotes yuan-related deals in an attempt to circumvent US attempts to 'weaponize the dollar'. In recent months, agreements have been signed to make certain payments in Chinese currency with Saudi Arabia, Brazil and France..

Sanctions against Russia - a poignant reminder of the unique dominance of the dollar in the global economy - have been a powerful catalyst for the expansion of the use of an alternative currency.

Beijing's goal is to create a large area of \u200b\u200bthe international economy that does not need the dollar at all. In the long run, this could make China less vulnerable to attempts to wrest it away through investment restrictions or sanctions..

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About a dozen Asian countries are interested in "

So far, the dollar is far from being " Yuan payments still make up a tiny fraction of global transactions, and the currency is tightly controlled by Chinese authorities.. This limited role makes for relatively low rates for other countries willing to use the yuan..

Earlier it was reported that Russia is approaching the economic milestone of buying yuan – sanctions and oil capitalization are being eased.