14THEINTERNATIONALECONOMYSPRING2023Istheroleofthedollarabouttosignificantlychange?Theinternationalfinancialmarketshavebeenfullofspeculationaboutthede-dollarizationoftheworldeconomyinfavorofnewcurrencyarrangements,particularlyinvolvingtheChineseyuan.InMarchofthisyear,ChinesePresidentXiJinpingdeclaredhisdeterminationtocreateanewworldorderthatabandonstheWest’s“rules-basedorder”basedonBritishCommonLawinfavorofaChinese-ledorder.Ofcourse,theimmediateresponseisthatayuan-basedcurrencysystemwouldbeunworkablewithoutBeijingrelinquishingcapitalcontrols,whichisunlikelytohappenunderthehyper-centralizedcontrolofXi.Butarethereevenmorefundamentalproblemsintryingtobreak...
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