The ASEAN nations' consideration of using local currencies for trade to reduce reliance on the US dollar has gained momentum with the support of China. China's ambassador to Malaysia, Ouyang Yuijing, emphasized the need for common development and implementing global initiatives during the 37th Asia Roundtable. The alliance between China and ASEAN is seen as a threat to the dominance of the US dollar as the world explores multipolar narratives and promotes regional currencies. The initiative to transition away from the US dollar is gaining traction due to the US Federal Reserve's stance on hiking rates, which has compelled developing nations to hike their own interest rates to combat currency depreciation. China's support in bolstering community prospects and establishing a nuanced world order aligns with ASEAN's goal of reducing reliance on established currencies and promoting intra-nation dependence through local currency transactions. The collaboration between China and ASEAN in this regard poses a challenge to the US dollar's dominance in the region. However, it is important to note that improving US-China relations remains a top priority, with both nations working towards resolving their differences [9ef4a9f2] [481d1b5e].