China Takes Another Step in Its Effort to Dethrone Western Hegemony

Beijing adds to the list of ways it hopes to dethrone the dollar and America’s economic and financial dominance.U.S. dollar notes being counted next to stacks of 100 yuan (RMB) bank notes at a bank in Huaibei, China, On Sept. 24, 2013. STR/AFP via Getty Images11/19/2025|Updated: 11/19/2025CommentaryDespite China’s ongoing and severe economic problems, Chinese leader Xi Jinping continues to press his country and its yuan forward as a global alternative to the United States and its dollar.Milton Ezrati is a contributing editor at The National Interest, an affiliate of the Center for the Study of Human Capital at the University at Buffalo (SUNY), and chief economist for Vested, a New York-based communications firm. Before joining Vested, he served as chief market strategist and economist for Lord, Abbett & Co. He also writes frequently for City Journal and blogs regularly for Forbes. His latest book is “Thirty Tomorrows: The Next Three Decades of Globalization, Demographics, and How We Will Live.”Author’s Selected Articles