The Dragonâs Ascent: Assessing the Yuanâs Challenge to the Petrodollarâs Hegemony in Global Energy Trade
Abstract
Aditya Kumar Gautam
This paper looks into China’s steady push to give the yuan a bigger role in global energy trade. Over the years, China has been building its own financial tools—from oil trades settled in yuan to the CIPS system and digital efforts like mBridge. But pushing against the U.S. dollar is no small feat. Despite real progress, the yuan still faces hurdles—tight capital flows, trust issues, and shallow markets. It’s not about a sudden replacement of the dollar, but maybe a slow shift toward a world where more currencies matter. This shift isn’t loud—it’s quiet, gradual, and uneven.
