Since the onset of this year, in the context of the Federal Reserve’s persistent tightening of monetary policy, numerous countries and regions across the globe have declared measures to diminish their reliance on the US dollar. In late April, Bank Indonesia Governor Perry publicly asserted that Indonesia has accomplished local currency settlement with China, Japan, Malaysia and Thailand, and is currently negotiating with South Korea to materialize “local currency transactions” in May this year. As the rotating presidency of the G20 in 2022, Indonesia has hoisted the banner of “de-dollarization”, which indicates that fostering currency multipolarity and reducing dependence on the US dollar has increasingly become the consensus of most…