Part 9/16:
Focusing on China, the speakers discuss its historical context, ambitions, and economic strategies. China’s desire to be self-sufficient stems from centuries of Western colonialism and interference. They highlight how China benefited from the dollar-dominated system but now seeks independence via initiatives like the Belt and Road.
Recent years have seen China push for internationalization of its digital currency (CBDC), testing it extensively since 2014. The goal is for the digital yuan to facilitate trade beyond dollar dominance, especially with key partners like Russia and countries in Africa and Asia. The mutual de-dollarization efforts—such as Russia’s move to settle trade in euros or local currencies—pose a significant challenge to dollar hegemony.