In recent years, there has been a wave of "de-dollarization" around the world, with 135 countries already beginning to "isolate" the dollar in various ways. The rise of this wave seems to have become an international consensus, with countries from China to Russia, the Middle East to Southeast Asia, and Latin America taking action to weaken the dollar. Brazil, as the "leader" of South America, publicly called on other South American countries to abandon the use of the dollar at the official summit, which is undoubtedly a countermeasure to the credibility and hegemony of the dollar.
In fact, there is a certain rationale behind this wave of "de-dollarization". First of all, in order to maintain its hegemonic status, the US top brass has repeatedly adopted sanctions to suppress other countries, which has damaged the credibility of the United States in the international community. As one of the world's major economies, the United States has a high voice and influence in the economy, science and technology. However, once other countries refuse to listen to the arrangements of the United States, the United States will often resort to scientific and technological encirclement or even armed strikes, which will affect the international community's trust in the United States. Second, the U.S. is facing a huge debt crisis, bank failures, and high inflation, and these negative effects are also prompting other countries to look for other reliable currencies to settle their accounts and avoid the impact of U.S. economic risks.
In the wave of global "de-dollarization", our country is also facing a huge opportunity. In recent years, China has signed RMB clearing arrangements with many countries, and the status of RMB in the international and financial fields has gradually improved. In particular, at the beginning of this year, Bolivia announced that it would use the renminbi as the settlement currency in the international **, which is already the third country in South America to publicly "break up" the dollar. Not only that, China has also signed RMB clearing arrangement agreements with 28 countries and regions, which has facilitated subsequent bilateral economic and trade cooperation.
The development of this trend has not only brought more opportunities for cooperation to China at the international level, but also played a positive role in promoting China's own economic development. With the rapid development of the national economy and the steady implementation of the policy of opening up to the outside world, China has gradually become the world's second largest economy, and its status in the international and financial fields has gradually improved. At the same time, the status of the dollar is gradually declining, and the international community's reserve and settlement power against the dollar is also weakening. According to a report by the International Monetary Fund (IMF), more than 1 4 percent of its international share has been lost, and its share of international reserves has fallen from 85 percent in the 70s to 59 percent today. In contrast, China's renminbi is gradually increasing internationally, and according to the IMF, the renminbi has become the world's fifth largest payment currency.
However, despite the opportunities, our country must remain vigilant and actively respond to various challenges. As the largest economy in the world, the United States still has strong strength and influence, which poses a certain pressure and threat to China's development. Especially in the current complex and volatile international situation, we cannot take it lightly. At the same time, China also needs to strengthen cooperation with other countries, establish more economic and trade partnerships, and improve the status of the renminbi in the international financial system.
In terms of coping with challenges, China can enhance its competitiveness and ability to resist risks by strengthening the structural adjustment and innovative development of the domestic economy. In addition, strengthening cooperation with other countries, especially developing countries, can jointly respond to sanctions and suppression by the United States and other developed Western countries. On this basis, we can also further improve the internationalization level of the RMB, make use of the advantages of the RMB in the international and investment fields, strengthen economic and trade cooperation with other countries, and improve the convenience and security of RMB settlement.
At present, there is a wave of "de-dollarization" in the world, and many countries have taken action to reduce their dependence on the dollar. As the world's second largest economy, China is facing huge opportunities. By signing the RMB clearing arrangement agreement and improving the status of the RMB in the international and financial fields, China can play a greater role in the global wave of "de-dollarization". However, we also need to remain vigilant, respond to various challenges, strengthen our competitiveness and anti-risk capabilities, and strengthen cooperation with other countries to jointly respond to the sanctions and suppression of China by the United States and other developed countries. This will help consolidate China's position in the global economic landscape, while also promoting the diversification and balanced development of the international monetary system.