Impact of China's Rise on International Financial Order (2008-2018)

After World War II, the United States and its partners organized a multilateral international order centered on open economic space, multilateral institutions, security cooperation, and democratic solidarity aimed at stabilizing the world economic order, strengthening cooperation, and supporting free trade. It's called the Burton Woods Order. Meanwhile, China's booming economic growth since the 1980s and the adoption of pragmatic economic policies at the international level, especially after the 2008 financial crisis, have greatly affected the global financial and trade and the economic order of Bretton Woods. Examine the dimensions of the impact of the emergence of this new power and its actions on the international financial order. The article shows that China, through its active participation in the liberal world order, has moved to strengthen its position in the international financial order system, which has challenged the dominant position of the United States in the international financial order. Increased influence of China on formal and informal IMF decision-making procedures, addition of the yuan to the fund's Special Drawing Right (SDR) portfolio, widespread bilateral currency exchange agreements with other countries on the basis of the yuan, creation of the Petro Yuan against Petro The dollar and Beijing's active involvement in policymaking in the Group of 20 have been analyzed as evidence of this change in the international financial order, and have shown that the side of the shift in the direction of the gradual emergence of a new international financial order is becoming more prominent. Chinese characteristics are in it, not a fundamental change in the international financial order.