How covid-19 could change the financial world order

The pandemic has exposed vulnerabilities in US financial hegemony, prompting China to leverage its robust banking assets and pandemic relief efforts to expand global influence. Beijing is actively bypassing US-dominated payment networks by deploying mobile wallet ecosystems that processed $49 trillion annually while securing contracts for yuan-denominated trade. Although deep-seated distrust regarding China's transparency persists, the crisis has accelerated a trajectory toward a potentially fragmented global financial system where American and Chinese spheres increasingly compete.