End of Dollar: China's Plan to Destroy the United States's World Economic Hegemony

Although he never supported direct conflict with Uncle Sam, Xi Jinping made no secret of his ambition to establish China as the world's preeminent power. Furthermore, although he never condemned the Ukrainian war, his recent meeting with Putin reaffirmed the countries’ friendship. This raised questions amongst Western media, questioning the Chinese president’s purpose.

While the BRICS (emerging economies including Brazil, Russia, India, China, and South Africa) are breaking records in global GDP, China is on its way to becoming the most influential economic power in the world. It aims to achieve this by creating new bonds with emerging countries so they can create their own currencies; a second economy independent from the USA.

BRICS and the End of Dollars

The BRICS have officially surpassed the G7 countries (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, as well as the European Union) economically with a global gross domestic product (GDP) of 31.5%. This came in the wake of the G7 countries seeing their share decrease in the global GDP over the years.

The New Checkmate of China to Destroy the U.S. Hegemony: The BRICS

Since the start of the Ukrainian war in February 2022, Russia has been isolated on the international scene with financial measures. The world’s nations are trying to put Russia aside by limiting its access to money. The biggest Russian banks have been removed from the international financial messaging platform SWIFT, disrupting the payment process for Russia's oil and gas exports.

To tackle this, Russia has reinforced its ties with China. The two presidents of the Asian continent announced the creation of gas pipelines between their countries. China will benefit from Russia’s energy sources, such as gas and petrol, and Russia will keep its financial resources.

Although Russia is China’s first supplier, it is not the only partner of the red dragon country. Xi Jinping is also allied with Saudi Arabia and Iran, establishing new relations between the two countries, and weakening America's control in the region.

China also plans to reinforce its relations with Ouzbékistan, Kazakhstan, Kirghizstan, and Tadjikistan next May during the first China-Central Asia summit.

An Official End for the U.S.?

The worst news for the U.S. in recent times is that India, one of the most prominent economic trading partners for the U.S. trade system, is also preparing to stop using dollars in cross-border trade. This was revealed by Indian Commerce and Industry Minister Piyush Goyal, this Friday. American media interpreted the preceding as a new strategy for emerging countries to resist American domination.

However, if the West interrogates the U.S.’s future, it remains certain that the country is still powerful in most territories of the planet, with free trade agreements in effect in 20 countries.

Edited by Adedamola Aregbesola

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