Chinese Yuan to dethrone US Dollar: How de-dollarization succeed

The US dollar’s dominance in the global market dates back to the Bretton Woods Conference in 1944, which established the dollar as the world’s primary reserve currency linked to gold. Over the decades, this status has allowed the US to wield considerable economic power. Critics argue that the US has at times misused this power, imposing economic sanctions and influencing international economic policies in ways that serve its interests, often at the expense of other nations’ economies and sovereignty. For example, through economic sanctions, the US has influenced the policies of countries like Iran and Russia, impacting their economies significantly. The dollar’s role in global trade and finance has given the US an unparalleled advantage in international affairs, but it has also led to criticisms of unilateralism and the exertion of economic pressure that bypasses traditional diplomatic channels. In recent years, there has been a noticeable shift as countries increasingly seek alternatives to the US dollar’s hegemony in the global financial system. This movement, often referred to as de-dollarization, is driven by a desire to reduce dependence on the US financial system and is spearheaded by China and the BRICS bloc, which includes Brazil, Russia, India, China, and South Africa, with new members like Iran, UAE, Saudi Arabia, Ethiopia, and Egypt joining the fold. In this video, we explore the history of the US dollar’s dominance in the global market and examine the efforts by China and the Global South, particularly the BRICS countries, to challenge the US dollar’s supremacy.