In recent years, there has been a wave of "de-dollarization" around the world, and many countries have launched a boycott of the dollar. Behind this phenomenon is not only the result of impulsiveness and following the trend, but also the dissatisfaction of various countries with the behavior of the US and the consideration of their own interests. First, the US top brass has frequently imposed sanctions on other countries on the pretext of maintaining its hegemonic status, which has damaged the international credibility of the United States. As an important economy in the world, the United States has a high voice and influence, but it is unwilling to listen to the arrangements of other countries, and has adopted technological blockade and even military action to suppress its opponents. For example, at a Security Council meeting to discuss a solution to the Palestinian-Israeli issue, Brazil's proposal for an "armistice" was overwhelmingly rejected 12-1, and the US representative voted against it. This unilateral act has aroused distrust and antipathy towards the United States in other countries.
Second, the U.S. is facing negative effects such as a debt crisis, bank failures, and high inflation. According to the latest data from the Federal Reserve, the size of the U.S. debt has exceeded $33 trillion, and with the country's successive fiscal deficits, this debt problem will only get bigger and bigger until it ends. The United States has fallen into a "vicious circle": the Federal Reserve continues to raise interest rates, the pressure on Treasury bonds to pay interest is increasing, and the cost of bank financing has risen, further exacerbating concerns about the risk of US bonds. Against this backdrop, many countries have opted for de-dollarization, looking for other, more reliable currencies for settlement.
In this trend of de-dollarization, RMB settlement has gradually emerged and become a representative of the international and financial fields. For example, at the beginning of this year, Bolivia announced that it would use the renminbi as the settlement currency in the international **, becoming the third country in South America to publicly "break up" with the dollar. In addition, China has signed agreements with 28 countries and regions on RMB clearing arrangements, which is conducive to economic and trade cooperation between the two sides. As we all know, as the currency of the world's second largest economy, with the rapid development of China's economy and the steady implementation of the policy of opening up to the outside world, its main position in the international and financial fields has been continuously improved.
According to the report of the International Monetary Fund (IMF), the international share of the dollar has lost more than 1 4, and its share of international reserves has gradually declined from a peak of 85% in the seventies of the last century to 59% today, and it is likely to continue to decline. In contrast, China, as the world's second largest economy, has made the RMB more and more important in the international and financial fields due to the rapid development of its national economy and the implementation of its opening-up policy.
In the face of high-level interference and suppression by the United States, China will naturally not easily accept to become a "leek" that it harvests at will. Past experience tells us that in some fields, US companies have taken advantage of their technological superiority to monopolize the market and push the boundaries of the market. However, China's scientific research strength has gradually emerged, and a series of breakthroughs and innovations have been made. In the field of biotechnology, for example, China has achieved purity refining through a full enzymatic method, lowering the threshold for the use of a substance called "Wrightweijian" to 95%, making it accessible to the general public. The research results of this technology have won recognition in the domestic and foreign markets, and have attracted the attention of the international business community. As more domestic biotech companies enter the market, the biotech industry has achieved steady development.
In addition to biotechnology, China is also experiencing breakthroughs and innovations in the economic and military fields. As the world's second largest economy, the development of China's national economy and the successful implementation of the policy of opening up to the outside world have given China more economic strength and voice to speak. Not only that, China's military strength is also gradually increasing, and it has more independent research and development capabilities and national defense capabilities.
In the face of high-level U.S. interference, China can achieve greater autonomy and independence by further increasing its own power and reducing its dependence on the United States. In addition, China can continue to strengthen cooperation with other countries to jointly safeguard the international order and its own interests.
The current wave of de-dollarization on a global scale has become a general consensus, with many countries resisting the dollar to varying degrees and choosing other, more reliable currencies for settlement. There are a number of reasons behind this phenomenon, including dissatisfaction with the behavior of the US leadership, the US debt crisis, and bank failures. As a representative of the international and financial fields, the renminbi has gradually emerged and become the choice of many countries. For China, in the face of American power, it can respond by increasing its own strength and reducing its dependence on the United States, and strengthen cooperation with other countries to safeguard its own interests. Overall, the current wave of de-dollarization is also a period of opportunity for China.