For a long time, the United States has played an important role on the world stage, especially after World War II , when major countries in the world were greatly damaged by war, the United States has played an increasingly significant role on the world stage with its strong strength.
In the 1940s, under the operation of the United States, the US dollar became the main settlement tool for trade exchanges between countries around the world and an important foreign exchange reserve currency for countries around the world. Although the proportion of the US dollar in the international monetary payment system has decreased in the subsequent development process, it is undeniable that to this day, the US dollar is still the world's largest currency.
In the past two years, due to the impact of the epidemic, what the United States has done has brought about global inflation , and the US dollar has depreciated to a certain extent. However, in order to maintain the US dollar's position in the world monetary system, the United States gradually announced a hike in interest rates since March this year. It is understood that during the five interest rate hikes this year, the basis point of interest rate hikes in the United States reached 300 .
After the United States continues to raise interest rates, the value of the US dollar has increased, while at the same time, currencies in other countries have depreciated to the same extent. Many developed countries, including many, failed to survive the strong interest rate hike of the US dollar, and both the euro, the yen and the pound have suffered a large depreciation. So as far as the current situation is concerned, what is the proportion of the US dollar and other countries in the global monetary payment system?
SWIFT announced in September the proportion of currencies in various countries in the global payment system in August this year. In August 2020, the US dollar accounted for 38.96%, but in July this year, the US dollar accounted for 41.19% of the global monetary payment system; in August this year, the US dollar accounted for further increase in global payments, reaching 42.63%.
At the same time, in the global foreign exchange reserve system, the US dollar can account for 59%, making it the world's largest foreign exchange reserve currency. Judging from the proportion of the US dollar in the global payment system and the global foreign exchange reserve system, the US dollar's global currency is undoubtedly very stable.
Although due to a series of inactions by the United States in the past two years, more and more countries have begun to distrust the United States and have also put forward the proposition of de-dollarization. But relatively speaking, it will take time to truly achieve de-dollarization. At least in the short term, the status of the US dollar will be unshakable.
It is undeniable that the series of actions made by the United States using the hegemony of the US dollar in the world monetary system have made other countries pay for it. However, due to the strong position of the United States, most countries in the world do not have enough ability and courage to break away from the US dollar denomination system and cannot have a trading system that belongs to their own currencies.
From reality, we can see that some countries have indeed been forced to embark on the road of de-dollarization due to the sanctions from the United States. For example, in March this year, Russia required the use of rubles to replace the US dollar to settle the natural gas transactions in its own country.
It is worth mentioning that the status of RMB has been significantly improved in recent years. In the transaction process with Australian iron ore some time ago, RMB was used as a settlement tool, and my country has also established CIPS, which has also achieved CIPS coverage in more than 100 countries and regions around the world. It is understood that the RMB has become the fifth largest currency in the world with a share of 2.31%. However, although the international status of the RMB has increased, it accounts for a very small proportion compared to the US dollar.
Similarly, affected by the US interest rate hike policy, the proportion of payments of the euro, as the world's second largest currency, has also shown a downward trend. In August 2020, the euro could reach a share of 36.04%, but in August this year, the share of the euro fell to 34.5%. Not only that, as far as the pound and the yen are concerned, they are also constantly depreciating under the influence of the US interest rate hike policy. In August this year, the proportion of the pound in the international payment system fell to 6.45%; while the yen, the fourth largest currency in the world, its market share also fell to 2.73%.
From the above analysis, it can be seen that the US dollar has a very wide influence on international currency market , and it is also very difficult to see the hegemony of the US dollar in the short term. The reason why the US dollar can maintain its unshakable monopoly is based on the strong comprehensive national strength of the United States.
At present, there is no country in the world that can compete with the United States' comprehensive national strength. Whether in the military, science and technology, or finance, the United States has absolute advantages, and other countries can only choose to remain silent in the face of the oppression of the United States.
On the other hand, after decades, the credit system established by the US dollar is incomparable to any currency in today's country. The hegemony of the US dollar is undeniable, but at least in the past decade or so, the US dollar has not yet defaulted, so the security of the US dollar has also been supported by some countries and the people.
Conclusion:
Overall, although the implementation of the US interest rate hike policy has increased the international status of the US dollar, it has also made other countries pay for the hegemony of the US dollar. However, based on the current reality, no country can compete with the United States, so these countries can only silently endure the bitter fruit of serious currency depreciation.
However, if the United States continues to develop in this way, it will inevitably slowly consume the dollar credit system it has built for decades. At that time, real de-dollarization will naturally occur.
Today's topic: August Global Payment Report: US dollar accounts for 42.6%, the euro fell to 34.5%. What about the RMB?
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