In February this year, countries led by the United States issued a joint statement announcing that some Russian banks are prohibited from using the SWIFT international settlement system. , but Russia, which was prepared for this, had already begun to develop a financial information transmission system (SPFS) that is independent of the country's banks in 2014.
In the context of Western countries' sanctions against Russia, more international customers choose to use the SPFS payment system. 9html May 23html On the 5th, the Russian Central Bank of Russia said that this year, 50 new entities have joined the SPFS system, and the total number has reached 50. There are more people joining SPFS in the first half of this year than in all years since the system was established.
(Source: Zitu.com)
At the same time, Russia's other solution to benchmark the Western SWIFT payment system - the Mir payment system. Also, due to the sanctions of Western countries, the number of issuances has increased significantly. It is reported that is now one-third of bank cards in Russia, Mir cards. , among which , Cuba , South Korea and other countries allow the use of the Mir payment system.
Although the issuance of Mir cards has increased, there are still some resistance in the external promotion process. It is understood that Turkey has five domestic banks using the Mir payment system, but on September 19, Turkey announced that it would suspend the use of the Mir payment system, citing the United States imposed sanctions on entities that used the payment system in Turkey.
The United States took action to prevent Russia's payment system from "being bigger and stronger", which is actually nothing more than worrying that once a new payment and settlement pattern is formed, the proportion of the US dollar in international payment and settlement will decline, so that the US dollar's "hegemony" cannot be guaranteed.
(Source: Zitu.com)
Although judging from the data released by SWIFT on September 21, the US dollar still ranks first in the global usage with 42.63%. However, in recent years, the "recession" of the US economy and the confidence of countries around the world against the US dollar are no longer the same, and more and more countries are exploring various ways to "de-dollarization".
As of IMF Data released in 3 at the end of May shows . The foreign exchange reserves denominated in US dollars in 2021 in the fourth quarter of the global share fell to 58.8% , setting a new low in 26. . In 2001, the global share of the US dollar could reach the high of 71.5% .
(Source: Zitu.com)
For the current development trend of the US dollar, even the former chief economist of IMFIMF also predicts that the dominance of the US dollar is very likely to end within 20 in 5 years.
text | Wei Yansong Title | Huang Zixin Review | Zeng Yi
