Executive Summary Beijing’s campaign to internationalize the renminbi (RMB) is often interpreted through a geopolitical lens as a direct challenge to the supremacy of the U.S. dollar. However, new analysis reveals a more pragmatic driver behind the yuan’s growing global role: economic survival. Data from the Center for Emerging Economies’ Yuan Adoption Tracker shows that emerging markets are not ditching the dollar in alignment with a Chinese political project, but rather as a rational...