'China has smelt blood as it observes the dying US hegemony, and this is in line with Beijing’s own rapid economic growth in the past several decades' Opinion | jfentonharvey
China’s brokering of talks between Saudi Arabia and Iran in March was a further step in the seismic realignment of the world’s power balance. Beyond this diplomatic victory – while making vast economic inroads worldwide – Beijing seeks to uproot the US dollar’s hegemony.
With a perceived lack of authority from Washington in the region, Russia’s military offensive in Ukraine has further reshuffled the Middle Eastern order, with US sanctions on Moscow prompting regional states to pick sides. It certainly reflects a wider shift in the regional bloc, the Gulf Cooperation Council . Saudi Arabia was also reportedlywith Chinese officials over selling oil to China in yuan after President Xi Jinping proposed it in December 2022. The US has traditionally been the largest buyer of Saudi oil, while the US dollar has been pegged to the price of oil - forming the ‘petrodollar’.
Such weaponisation of the dollar worked when the US was the primary global hegemon, with the dollar remaining the international reserve currency. Now, states that have felt coerced by US economic pressure have other options. Having endured years of US sanctions, Iran’s central bank has listed the yuan as one of the major currencies for trading.
Although largely a symbolic statement at this point, such aspirations could further consolidate opportunities for Middle Eastern and North African countries to trade in different currencies should they join BRICS.Despite these challenges to the dollar, its power should not be dismissed outright. Most financial transactions, international debt, and trade invoicing are currently. And as of 2021, almost 60 percent of the world’s foreign exchange reserves were stored in dollars.
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