China’s Dedollarization Policy Through BRICS Cooperation in 2022-2023
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The momentum challenging the dominance of the US dollar in the international financial system resurfaced in 2022 when Russia faced sanctions from the West. China, responding to the instability caused by the dollar's dominance, has pursued strategic dedollarization through BRICS cooperation. This research analyzes China's dedollarization efforts using a qualitative approach rooted in monetary policy and dedollarization theory. Key initiatives include the development of the New Development Bank (NDB), Bilateral Swap Agreements (BSA), and the Cross-Border Interbank Payment System (CIPS), all aimed at reducing dependence on the Western-controlled financial system. These efforts have garnered attention from the United States due to their potential long-term impact on dollar hegemony. China’s indirect leadership within BRICS highlights its role in shaping dedollarization policies, particularly in the aftermath of the 2022 sanctions against Russia. While these measures are still far from rivaling the US dollar's dominance, they signal a shift towards a multipolar global monetary system with the potential for significant changes in global financial dynamics in the future.
Keywords: Dedollarization, China, BRICS
Momentum tantangan terhadap dominasi dolar Amerika Serikat dalam sistem keuangan internasional kembali muncul pada tahun 2022 ketika Rusia menerima sanksi dari Barat. Sebagai respons terhadap ketidaksetaraan dan ketidakstabilan akibat dominasi dolar, Tiongkok melalui kerja sama dengan BRICS mengambil berbagai langkah strategis dedolarisasi. Penelitian ini bertujuan menganalisis upaya Tiongkok dalam kebijakan dedolarisasi melalui aliansi BRICS, menggunakan metode kualitatif berdasarkan data sekunder, dengan pendekatan teori kebijakan moneter dan dedolarisasi. Hasil penelitian menunjukkan bahwa Tiongkok telah menjadi penggerak utama dalam beberapa kebijakan dedolarisasinya melalui kerja sama BRICS, seperti pengembangan New Development Bank (NDB), pembentukan Bilateral Swap Agreement (BSA), dan pengembangan Cross-Border Interbank Payment System (CIPS), yang semuanya bertujuan mengurangi ketergantungan pada sistem keuangan global yang dikendalikan Barat. Dalam konteks geopolitik global, upaya dedolarisasi Tiongkok menjadi perhatian khusus bagi Amerika Serikat, terutama karena potensi pengaruhnya terhadap dominasi dolar dalam jangka panjang. Kepemimpinan tidak langsung Tiongkok dalam BRICS menunjukkan bagaimana negara ini mengembangkan kebijakan dedolarisasinya, terutama setelah sanksi terhadap Rusia pada awal 2022. Meskipun masih jauh dari menyaingi dominasi dolar AS, langkah-langkah ini menunjukkan pergeseran menuju multipolaritas dalam sistem moneter global, dengan potensi dampak besar pada dinamika keuangan global di masa depan.
Kata-kata Kunci: Dedolarisasi, Tiongkok, BRICS
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