Universitas Indonesia Conferences, The Seventh International Conference on Strategic and Global Studies 2023

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Implications of the Use of Yuan by BRICS Nations Against the United States’ Domination
Dias Oldy Wiratama

Last modified: 2023-05-05

Abstract


In April 2023, the BRICS nations have agreed to abandon the US Dollar as the currency of their trading commodities, and switched to using the Chinese Yuan, especially in the crude oil trade. This has further reduced the utility of the US Dollar, putting at risk the price stability of the US Dollar, a symbol of US hegemony over the past century. This research will dissect the possible collapse of US hegemony, which country is most likely to become the next superpower if the US Dollar is no longer the global currency standard, and how the geopolitical nuances will play out. A descriptive analytical description will be used in the research using qualitative method, through analysis of the current geopolitical conditions by referencing previous studies that have been put forward by experts and academic papers. Transdisciplinary approach is used as a line of thought in this research to explore actual issues on current global scale with all their complexities, and draw concrete conclusions from the issues offered. China is predicted to be the next hegemony, with the indicators of China's strong geopolitical movements under Xi Jinping in the current world crisis situation, supported by the use of Yuan as the choice of BRICS nations in cross-border trade.