China, along with other BRICS countries (Brazil, Russia, India, and South Africa), has been gradually pushing for a more significant role in the global financial system, seeking to diminish the US dollar's dominance as the world's reserve currency. Historically, the US dollar has held this position due to factors such as the size and stability of the US economy, the liquidity of US financial markets, and the post-World War II Bretton Woods agreement.

In recent years, China has been promoting the internationalization of its currency, the renminbi (RMB), by establishing bilateral currency swap agreements, expanding the RMB's use in international trade settlements, and including the RMB in the International Monetary Fund's Special Drawing Rights (SDR) basket of currencies. These efforts aim to challenge the dollar's status and pave the way for the RMB to become a global reserve currency.

If the BRICS countries were to abandon the use of the US dollar, it could potentially lead to a global economic shift, as the dollar's role in international trade and finance would be reduced. This scenario could result in increased currency volatility, altered trade dynamics, and a redistribution of global economic power. However, it is essential to note that such a shift would likely be a gradual process, as the establishment of a new reserve currency would require significant changes in global financial infrastructure and widespread adoption by central banks and other financial institutions.