As we all know, the rise of a country is closely related to economic strength. With its economic record in two world wars, the United States has become the "world's first" economic hegemon. However, now that the international situation is changing, the "dollar hegemony" of the United States is facing wavering, especially Russia's refusal to accept the dollar in the aviation field and the acceptance of the renminbi in favor of the yuan, which has become the focus of global attention.
Gazprom's statement was even more shocking, no longer accepting settlements in dollars, but in favor of yuan and rubles. Whether this decision is supported by Russia ** has sparked widespread speculation. This move poses a direct challenge to the hegemony of the US dollar and could set off a global wave of rejection of the US dollar.
Dollars?no！RMB?yes！
In a recent statement, Gazprom announced that from September, it will no longer accept US dollar settlements on the Sino-Russian route, but only rubles and yuan. This move, which is comparable to a declaration of war on the hegemony of the dollar, has sparked international speculation about whether Russia has acquiesced. **
A decision that shocked the world.
Gazprom CEO Alexander Dyukov bluntly stated that by the end of 2021 or the beginning of 2022, all settlements between Chinese and Russian aviation will be in yuan, and the dollar will no longer be recognized. This decision directly challenged the economic hegemony of the United States and had a profound impact on the global economic situation. **
Russia's temptation?
Despite the fact that relations between China and Russia are not close, Russia's clear statement in the field of aviation this time that it rejects dollar settlements is surprising. This may be a test of the United States by Russia, and if the United States is indifferent to this, or cannot deal with it effectively, it could be the beginning of Russia's test of the waters of China's aviation market, and even the world's rejection of the dollar. **
Small things make big changes.
We often say that "three feet of ice is not a day's cold", and the disintegration of the dollar hegemony is not a matter of a short time. Looking back at history, there are many examples of small things leading to big changes. Will Russia's actions in the field of aviation become the "Sarajevo affair" of the collapse of the hegemony of the dollar?This may be an unsolved mystery, but it is undeniable that it has become an established fact, and the impact on the United States cannot be ignored. **
Russia "doesn't play anymore".
As early as mid-to-late August, Russia was preparing to empty US bonds and sell off a large number of dollar assets. Emptying the U.S. debt means that Russia expects the U.S. to not be able to repay on time, or that the dollar will depreciate after repayment. Russia is "optimizing the structure of its foreign exchange reserves" by selling off dollar assets on a large scale in favor of ** and the renminbi. Russia's attitude towards the dollar has become more and more resolute, which directly demonstrates its determination to "stop playing". **
"Inferior foreign exchange" for the US dollar
The logic behind Russia's sell-off of US bonds and large amounts of dollar assets is clear, and they no longer recognize the value of the dollar. In the eyes of Russia, the dollar has become an "inferior foreign currency" that must be removed from international reserves. Even if it loses money and makes money, Russia must get out of the dollar as soon as possible. **
The historical roots of the hegemony of the dollar.
The historical roots of the dollar's hegemony can be traced back to the Bretton Woods Conference after World War II, when the dollar was directly pegged to **. This makes it easy for the United States to acquire the wealth of other countries with the dollar and become an economic hegemon. However, today's international situation is unpredictable, and the hegemony of the dollar is facing unprecedented challenges. **
Soros's economic offensive.
Looking back on history, Soros has easily harvested Thailand's entire national wealth by simply selling it at a low price, speculating on the dollar, and then selling it. His economic offensive even threatens Hong Kong. These events provoked people's unconditional pursuit of the dollar, and even the reckless purchase of it, exposing the blind belief in the hegemony of the dollar. **
The crisis of dollar hegemony is not a flash in the pan.
The crisis of dollar hegemony is not a product of a short period of time. Russia's decisions and actions are only part of a long crisis. In the current situation, the purchase of US bonds may be a loss-making transaction, and Russia chooses to stop losses in time and buy ** and yuan instead, in fact, to minimize losses. **
Freezing three feet, not a day's cold.
The disintegration of the dollar hegemony is a long process. Russia's actions may have been the trigger for the crisis, but they are also part of a changing global landscape. The depreciation of the dollar and the decline of its international standing will be a complex and far-reaching process. **
Epilogue. At present, the crisis of dollar hegemony is becoming more and more prominent, and it is uncertain how Russia's actions will affect the world pattern. What is certain, however, is that this change will not only affect the international economic order, but will also have far-reaching and irreversible global repercussions. We need to pay close attention to this change in the world economy and be fully prepared for the future. **
Russia's refusal to accept the dollar in the aviation sector and its decision to sell US bonds and dollar assets in the current international economic arena have been described in detail, all of which represent a direct challenge to Russia's hegemony over the dollar. This has led me to think deeply about the ongoing crisis of dollar hegemony.
First, Russia's actions are partly a sign that the international community's recognition of the dollar's hegemony is declining. The dollar's long-standing dominance as an international** and reserve currency has allowed the United States to harvest the wealth of other countries on a global scale with ease. However, more and more countries are now looking for ways to break free from the shackles of the dollar, which may be a sign of the gradual formation of a multipolar, multi-currency system.
Second, Russia's decision may be a manifestation of concerns about the unsustainability of the dollar's hegemony. With the issuance of U.S. Treasury bonds and the expansion of the U.S. dollar**, concerns about holding large amounts of U.S. dollar assets in countries such as Russia are gradually heating up. As a result, they have chosen to reduce potential losses by selling US dollar assets, buying ** and the renminbi, reflecting concerns about the depreciation of the dollar and economic instability.
Moreover, this series of moves could trigger a chain reaction on a global scale. Russia's rejection of dollar hegemony could inspire other countries to follow suit, creating a global wave of rejection of the dollar. This will have far-reaching implications for the US economy, especially with its large national debt and poor fiscal position, which could exacerbate the pressure on the dollar to depreciate.
Finally, the crisis of dollar hegemony could trigger a change in the international financial landscape. If more and more countries join the ranks of rejecting the dollar, it could push the global monetary landscape towards multipolarity. This will have a far-reaching impact on global financial institutions and the international system, and it also means that the global economic governance structure may face an unprecedented challenge.
Overall, Russia's decision to reject the dollar in the aviation sector and sell off dollar assets is a sign that the hegemony of the dollar may be coming to an end. The move raised concerns about changes in the global monetary landscape and had a profound impact on the U.S. economy and the international financial system. We are facing a time of both challenges and opportunities, and it is imperative to remain vigilant and find effective strategies to adapt to change.
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