Since World War II , the United States has gradually consolidated its hegemony status of the dollar. Capitalists and financiers with inflated ambitions have begun to sit in Wall Street to harvest the world's leeks. The desire for capital has expanded even more, which has also led to the abuse of US dollar currencies. US bond has now exceeded 31 trillion US dollars, which is very close to the debt ceiling. The United States has also encountered the worst inflation in more than 40 years, and this inflation is spreading to the world. It can be said that the irresponsible monetary policy of the United States, , and the random printing of money, have caused many countries to suffer. It can be said that the United States' approach is extremely selfish and has also intensified the confidence and intention of countries around the world to get rid of the US dollar.
Now the hegemony of the US dollar is being impacted, and more and more countries are beginning to consider switching to RMB or other currencies for settlement. Recently, Pakistan is considering switching to RMB or ruble to settle trade with Russia. So which other countries have also begun to choose to use RMB for settlement?
Recently, A report released by the People's Bank of China shows that our RMB has surpassed the Japanese yen and has become the fourth-ranked settlement currency in the world today. This also shows that countries around the world prefer to use the RMB as a stable currency for settlement in foreign trade. Therefore, the current achievements of the RMB also make everyone believe that getting rid of US dollar payment is imperative, and the US dollar may no longer be the only option in the future.
Let's look at the top three still the US dollar, the euro and the pound. Although it is still difficult for us to surpass the US dollar and the euro now, it is a long distance, but I think it may be realized soon if we surpass the third pound, because the British economy is facing a huge recession. After losing Russia's cheap energy, the industrial costs in Europe have greatly increased, thus reducing its competitiveness in the world. This has also affected the British local economy and caused damage to the pound. At this time, my country's foreign trade still maintained a large surplus, the domestic economy was relatively stable, and the RMB was also very stable. If this continues, then we are just around the corner.
Next, let’s talk about which countries have begun to choose to settle in RMB now?
Recently, Pakistan mentioned that it was considering switching to RMB or rubles to settle. For trade with Russia, you should know that Pakistan has been using US dollars to settle the trade with Russia for so many years. As a country with a relatively large influence in South Asia, its trade exchanges with Russia have always been very close, and their share of using US dollars to settle the settlement was not small before. If these shares were replaced with rubles or RMB in the future, it would be equivalent to digging a corner of the US dollar, and Pakistan is not the only country to make such a decision today.
In fact, when Russia was conducting energy trade with China, it had long considered using RMB to settle. Many Russian banks were even issuing RMB bonds. There is also Iran when conducting oil trade with China, it also considered using RMB to settle. There is also Saudi also considering using RMB to settle. Oil must know that Saudi Arabia is the first country to reach a petrodollar settlement with the United States. This change in Saudi Arabia's wind direction is very telling. Moreover, OPEC+ did not respond to Western demands to increase production, but instead reduced production.
Let's look at it again, even Australia, an allies of the United States, used RMB to settle the iron ore sold to us. Moreover, the RMB has more and more shares in ASEAN countries. In addition to the RMB, Russia, Iran and Turkey countries also discussed the issue of dollarization in the past when using other currencies. When the SCO summit was held, Türkiye and Russia reached an export agreement. Russia planned to export to Türkiye, and 1/4 of the natural gas was settled in rubles.
In fact, when India bought Russian energy this year, both sides also tried to use local currency to settle the settlement. So, everyone, look at the general trend of de-dollarization is already obvious. Although the share is not too large at present, it is always the rise and fall of one another. A spark can start a prairie fire, because everyone's confidence in the US dollar has been shaken, which is equivalent to a crack on the wall, which may slowly expand in the future, and finally the entire building collapses.
: China, Russia, Iran, Saudi Arabia and other countries have not only huge energy reserves, but also the most complete industrial chain and supply chain system in the world, and the market size has a considerable influence. This has to make Western countries led by the United States reflect on it.
Energy trade is an international bulk trade unanimously recognized by the entire international community. This share is huge. my country is one of the world's largest energy importers, including Russia Middle East countries, and it is also the most capable country in the world that sells energy. If everyone no longer uses your dollar to settle, how big the impact will it have on the hegemony of the dollar?
At this time, China's development is very fast and stable, and our cooperation with other countries is also quite sincere, focusing on mutual benefit and win-win results, mutual respect, and equality and fair treatment of every partner. At this time, the credibility of our RMB has greatly improved, and the weight in the SDR currency basket is also gradually increasing. It seems that even in trades that China does not participate in, many countries choose to settle in our third-party RMB currency. Of course, this has a lot to do with our own development.
In addition, the domineering practices of the United States over the years are equivalent to giving us an assist, because the United States has repeatedly used the strong position of the US dollar to harvest leeks and seize wealth from other countries. Moreover, in order to maintain its hegemony of the US dollar, the United States has even frozen Russia's foreign exchange reserves of hundreds of billions of dollars. Even the private property of Russian rich people dared to freeze. It also wants to pull Switzerland's permanent neutral country to help him freeze other people's private property, and to steal oil from the Middle East, and to intensify the Russian-Ukrainian conflict, erect energy embargo, and even harvest its own European allies.
Think about the spirit of contract they proposed at the beginning, the sacred and inviolable private property, and the spirit of allies. These principles seem to be shouting loudly by the United States, but when they encounter problems themselves, they themselves took the lead in breaking these rules, as if they were beneficial to the United States, they thought that these rules were rules, and the rules that were not beneficial to the United States, and they thought that others took advantage of loopholes. This is a serious double standard. With such behavior, how can we make good credit endorsement for a common currency in the world?
No wonder all countries are now de-dollarization, because everyone is worried that they may not be frozen by the United States in the future, right? By then, if you have worked hard to save for decades, will you be wasted? It is really unsafe, and no wonder the United States is unpopular now. So how do you think about this?
