As the core of the global monetary system, the US dollar has a history of more than 100 years, but the United States has taken advantage of the US dollar to plunder the world's wealth, which has led to global economic imbalances and crises. Against the backdrop of the Fed's continuous interest rate hikes, countries began to seek to get rid of dependence on the dollar and achieve "de-dollarization".
At this critical moment, nine Asian countries have joined forces to counter the hegemony of the dollar, and the renminbi has also shown a strong influence on the international stage, impacting the forbidden area of the dollar. The United States felt the pressure and began to urgently visit Asian countries in an attempt to preserve the position of the dollar, while China accelerated the pace of selling US bonds.
What changes have taken place in the global monetary system in recent times?
The renminbi broke the exclusion zone for the dollar.
After World War II, the United States, with its strong strength and influence, established a global monetary system centered on the dollar, the dollar is closely linked with ** and oil, and has become the world's common settlement currency, and the United States also controls the pricing power of oil and other commodities, which is the forbidden area of the dollar and the cornerstone of dollar hegemony.
However, the yuan is breaking the forbidden zone of the dollar, and in the Middle East and other oil-producing countries, Saudi Arabia, Iran, Iraq and other countries have begun to use the yuan for oil**, and Russia, as an oil power, is also using the yuan in energy ** with China.
The renminbi has opened a breakthrough in the oil and other energy sectors, and although the proportion of international payments in the renminbi is still far lower than that of the dollar, this is an important start, and once the breakthrough expands, the position of the dollar will be severely impacted.
In addition, there have been changes in the backyard of the United States, Brazil, Argentina and other countries have announced the use of RMB settlement with China, although it is still just a spark, but one day it will form a prairie fire.
Nine Asian countries joined forces to fight back.
Global "de-dollarization" is not empty talk, and international organizations have already begun to take practical actions.
According to the Fars news agency, nine Asian countries, including Iran and India, plan to launch the SEPAM system next month to replace the dollar-dominated SWIFT system.
It is reported that the clearing alliance of nine Asian countries will spend half a year to prepare for the message system, during which it will use Iran's financial system SEPAM, which will use the renminbi, ruble, rupee and other currencies to settle and bypass the US dollar.
Although the new system of the Asian 9-nation clearing alliance is still difficult to pose a real threat to the SWIFT system and to shake the position of the dollar in the short term, it is an innovation and a beginning, and the global multipolar de-dollarization is taking shape.
At the same time, dozens of countries are lining up to apply for BRICS membership, hoping to use new settlement currencies or join the new settlement system in the BRICS countries.
The United States made an emergency visit, and China accelerated the sale of U.S. bonds.
In fact, the United States is aware of the current global monetary situation, and "de-dollarization" has also put some pressure on the dollar, although this pressure is not yet obvious, but the United States has tried to further consolidate the international position of the dollar.
Therefore, the importance of the petrodollar system is particularly prominent, not long ago the United States WTI ** was included in the Brent *** system, which means that in the world's three major systems, the United States occupies two more seats, further improving its influence and voice in the petrodollar system.
Therefore, on the one hand, it is constantly consolidating the petrodollar system, while Saudi Arabia and other oil-producing countries are trying to replace the US dollar's oil with the yuan**;;On the other hand, the United States is very anxious because of the long-term interest rate hikes that have led to the drying up of liquidity, the bankruptcy of many large banks in the United States, the banking crisis has not been fundamentally resolved, and the efforts of various countries to sell US bonds have not decreased.
However, China has accelerated the sale of U.S. bonds, according to the latest data released by the U.S. Treasury Department, in April this year, China ** 400 million U.S. bonds, and in March increased its holdings by more than 20 billion, and now the acceleration ** is to release a positive signal, de-dollarization will not stop.
At the same time, the internationalization of the Chinese RMB will also move forward according to the original rhythm and will not stop because of any influence from the outside world.
Although the road ahead is not all smooth sailing, a spark can start a prairie fire, and our generation still needs to work hard.