New Delhi, Feb. 4 -- China's renewed push to internationalise the yuan could mark a decisive moment in the global monetary order, according to Peter Schiff, Chief Economist and Global Strategist at Europac.com. In a wide-ranging interview with Rick Sanchez, Schiff argued that Beijing's latest announcements - expanding currency swap agreements, promoting oil trade in yuan, and building a cross-border payments system to rival SWIFT - are not symbolic gestures but part of a long-term strategy to reduce the world's dependence on the US dollar.

Schiff said China's move is both logical and inevitable, particularly after years of aggressive US sanctions and what he described as the "weaponisation" of the dollar. By freezing reserves and cutting...