In anticipation of further weakening of the US dollar, the vast majority of almost 700,000 Chinese suppliers no longer use dollars to settle non-US transactions, Alibaba’s chief executive David Wei told Financial Times recently.

Abandoning the dollar is an attempt to minimize currency risk. David Wei explained his company’s position, saying that prior to greenback volatility, dollar prices were valid for a month or two. Those same quotes are now good for just seven days.

The dollar has long been the currency of choice for Chinese and other exporters around the world. However, the impact of its recent weakening has led exporters to begin questioning its place as the de facto world currency.

Full report from Financial Times