This chapter analyzes US-China competition in the field of international finance. The dominant position of the US dollar creates dual risks for China: vulnerability to financial crises and potential US financial blockades. The chapter argues that conventional policy tools, constrained by the international finance “trilemma,” are insufficient to simultaneously manage these dual risks. Instead, China must pursue disruptive innovations to circumvent US dominance. Two such innovations are proposed: a progressive tax on cross-border capital flows to act as an automatic stabilizer against speculative attacks and currency crises, and the development of a new international payment platform based on Central Bank Digital Currencies (CBDCs), such as the mBridge project, to reduce reliance on the dollar-centric SWIFT system. Ultimately, the success of these innovations could enable China to navigate the dual risks, promote renminbi internationalization, and contribute to a more stable and balanced multipolar IMS.