Peta Kekuasaan Moneter: Yuan Digital Dan Masa Depan Hegemoni Dolar Amerika Serikat = The Map of Monetary Power: The Digital Yuan And The Future Of United States Dollar Hegemony

Panjaitan, Yesica Angelia (2026) Peta Kekuasaan Moneter: Yuan Digital Dan Masa Depan Hegemoni Dolar Amerika Serikat = The Map of Monetary Power: The Digital Yuan And The Future Of United States Dollar Hegemony. S1 thesis, Universitas Kristen Indonesia.

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Abstract

Penelitian ini dilatar belakangi oleh perkembangan teknologi keuangan digital yang semakin pesat serta munculnya Central Bank Digital Currency (CBDC) yang berpotensi memengaruhi sistem moneter internasional. Selama beberapa dekade, dolar Amerika Serikat mendominasi sistem keuangan global sebagai mata uang cadangan utama, alat pembayaran internasional, dan instrumen utama dalam perdagangan dunia. Namun, pengembangan Yuan Digital (e-CNY) oleh Tiongkok menghadirkan dinamika baru yang berpotensi mengubah konfigurasi kekuasaan moneter global. Penelitian ini bertujuan untuk menganalisis potensi Yuan Digital dalam memengaruhi masa depan hegemoni dolar Amerika Serikat. Penelitian ini menggunakan teori Counter Hegemony dari Antonio Gramsci dan Robert W. Cox, konsep hegemoni dolar dari Susan Strange, serta konsep dedolarisasi dari Benjamin J. Cohen dan Barry Eichengreen. Metode penelitian yang digunakan adalah pendekatan kualitatif deskriptif dengan teknik studi kepustakaan. Data diperoleh dari berbagai sumber, seperti buku, jurnal ilmiah, laporan organisasi internasional, dan dokumen resmi. Keabsahan data diuji melalui kriteria credibility, transferability, dependability, dan confirmability. Hasil penelitian menunjukkan bahwa Yuan Digital berpotensi mendukung internasionalisasi renminbi dan memperkuat proses dedolarisasi melalui pengembangan sistem pembayaran alternatif yang lebih efisien. Meskipun demikian, dominasi dolar Amerika Serikat masih ditopang oleh kekuatan struktural, seperti kedalaman pasar keuangan, likuiditas yang tinggi, serta tingkat kepercayaan global terhadap institusi ekonomi Amerika Serikat. Oleh karena itu, Yuan Digital belum mampu menggantikan posisi dolar secara langsung, tetapi berpotensi mendorong terbentuknya sistem moneter internasional yang lebih multipolar di masa depan. Kata Kunci: Counter Hegemony, Dedolarisasi, Hegemoni Dollar, Sistem Moneter Internasional , Yuan Digital. / The study is motivated by the rapid development of digital financial technology and the emergence of Central Bank Digital Currencies (CBDCs), which have the potential to reshape the structure of the international monetary system. For decades, the United States Dollar has dominated the global financial system as the primary reserve currency, the main medium of international payment, and the leading instrument in global trade. However, the development of the Digital Yuan (e-CNY) by China has created opportunities for an alternative to the dominance of the U.S. dollar. This study aims to analyze how the issuance of the Digital Yuan may influence the configuration of global monetary power and affect the future of U.S. dollar hegemony. This research employs the Counter-Hegemony Theory developed by Antonio Gramsci and Robert W. Cox, the concept of dollar hegemony proposed by Susan Strange, and the concept of de-dollarization advanced by Benjamin J. Cohen and Barry Eichengreen. The study adopts a descriptive qualitative approach through a literature review method. Data were collected from books,academic journals, reports of international organizations, and official documents. Data validation was conducted using the criteria of credibility, transferability, dependability, and confirmability proposed by Lincoln and Guba to ensure the trustworthiness of the research findings. The findings indicate that the Digital Yuan serves as a strategic instrument supporting the internationalization of the renminbi and strengthening de-dollarization efforts through the development of alternative payment systems, integration with the Cross-Border Interbank Payment System (CIPS), and participation in the mBridge project. Nevertheless, the dominance of the U.S. dollar continues to be supported by the structural advantages of the United States, including the depth of its financial markets, high liquidity, and strong global confidence in its institutions. Therefore, although the Digital Yuan is unlikely to replace the U.S. dollar directly in the near future, it has the potential to accelerate the transformation of the international monetary system toward a more multipolar and competitive order. Keywords: Counter Hegemony, Digital Yuan, Dollar Hegemony, De-dollarization, International Monetary System

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