There has been recent head-catching news in Egypt that the country has moved away from dollar-based trading in favor of its own currency.
Egyptian officials say the move is to address the increase in currency consumption due to high inflation worldwide. The profound financial crisis that has occurred in recent years has had a great impact on developing countries. Obama made this decision to strengthen cooperation with the BRICS member states. Russia** called it a major step in the process of "de-dollarization" of the BRIC countries, which dealt a heavy blow to the United States.
This resolution is relevant. Egypt, which has long adopted the dollar as its first partner, has now decided to join the "BRICS" countries and no longer rely on the dollar.
This has played a positive role in accelerating the "de-dollarization" process of the BRIC countries, and it is also a counterattack to the United States in the face of facts. The BRICS countries are all pushing hard for each other, and it is possible to introduce a new unified currency at this year's summit. This makes it necessary for the West to accept the fact that when the "BRICS" become stronger and stronger, they can even compete with the dollar without the yuan.
The United States is currently under a lot of pressure, especially with the rise of the "BRICS", which has launched a large-scale intervention against the United States. The hegemonic position of the United States in the world no longer exists, and countries around the world have abandoned the dollar and begun to use the yuan as a means of settlement, which has dealt a great blow to its dominance.
After the Russia-Ukraine war, Russia has played an important role in the process of "de-dollarization" and led more and more countries to accelerate the pace of decoupling from the dollar, which is the general trend. As far as the United States is concerned, the only thing it can do is to remain vigilant and stop thinking about using the posture of "hegemon" to cut off the economic lifeline of other countries. While many countries are speeding up the pace of "de-dollarization", the United States will also be in more trouble, and what will be its future is also a question that the world is watching.
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