Political-Economic Challenges to Yuan Hegemony in the International Monetary System

Regarding China's rising position in the world economy, one of the most important issues of the international monetary system is the transformation of the dollar hegemony and its replacement with the Yuan. As a powerful economic rival of the United States, China needs to influence and rule in all international spheres, especially the international monetary system, to create its superpower condition. Assuming China's effort to establish the Yuan hegemony, this research aims to provide an answer to the question of what challenges are there to that hegemony? Hence, this article, using the descriptive-analytical method and economic data and statistics, as well as focusing on the three analytical approaches of international regimes, believes that there are various thematic challenges facing the change in the international monetary regime from a realist, neoliberal and cognitive point of view. The findings showed that in accordance with the realism approach, the two challenges of the hegemony of the United States and China's internal and external security crises, also in accordance with the neoliberalism approach, challenges such as weakness in participation in global governance, power of the dollar in the international markets, the absence of development institutions in the East, and the economic system of China based on the neo-mercantilism and finally based on the cognitivist approach, the challenges of human rights, the negative views of communism at the global level and the harmful effect of Confucian cultural to China's economy are important challenges against the Yuan hegemony to replace with the hegemony of the dollar