Chinese, Russian, Indian and Iranian leaders gathered in Central Asia because of participating in the SCO summit . Putin came forward to say that Russia has successfully responded to the pressure of the West, and the West's " blitzkrieg " strategy against Russia has not worked.
This shows that Russia will continue to be active on the international stage with its previous vitality. At the same time, regarding the actions of the Ukrainian army in the direction of Ijium , Russian President's Press Secretary Peskov said that Putin has already obtained relevant information.
Putin said that maintaining macroeconomic stability and sustainable development is a priority for Russian economic policy, and the process of de-dollarization of the Russian economy is inevitable.
The US dollar, once known as a "high-quality investment product", is now like a rat crossing the street, everyone shouts and beats.
After all, the United States' abuse of financial sanctions in order to maintain its hegemony has caused global dissatisfaction.
USD is dominant in international monetary system , which has developed the habit of the United States starting to impose financial sanctions on other countries without any reason, and gradually developed long-arm jurisdiction . The United States often interferes in the economy and politics of other countries at will for its own selfish interests and achieve its own political goals.
Once a country does something that makes the United States dissatisfied, the United States will use the hegemony of the dollar to attack and sanction it. The unilateralism and power politics of the United States have caused many countries to suffer.
The United States imposed sanctions on other countries in the world are emerging in an endless stream, mainly including arbitrarily interfering in the formulation and implementation of financial policies and systems in other countries, undermining the normal operation of financial institutions and capital markets in other countries; shorting non-US currencies, causing currency depreciation; freezing or confiscating assets in the United States, restricting or canceling financing in the United States; using SWIFT system to impose financial sanctions on other countries' governments, enterprises or individuals, and prohibiting the use of US dollar payment channels.
U.S. sanctions not only affect a country, but governments or companies that cooperate with them will be affected. In severe cases, the United States' financial sanctions on some countries will lead to a crisis in the economy of these countries and gradually decline.
The United States' unilateralist policies and sanctions have intensified, and the sanctioned countries cannot sit still and wait for death. In order to prevent future sanctions from the United States, major economies in the world have begun to take countermeasures to circumvent the United States' long-arm jurisdiction of , forcing more and more countries to join the ranks of de-dollarization.
Furthermore, when the Federal Reserve does not want to repay or does not have enough ability to repay so much debt, it often reduces the repayment pressure through currency devaluation, implements unlimited quantitative easing policies, and prints the US dollar in large quantum. Then the devaluation of the US dollar actually makes the US repayment of the US as the debtor's party actually less. This stimulates the recovery of the US economy.
This is not the first time the United States has used it and is increasingly relying on this policy. The over-issuance of the US dollar caused many major defaults. Each time the over-issuance of the currency is the US domestic economy when it encounters great difficulties. It uses the convenience of the world currency to print a large amount of money to save the domestic economy, and then borrows the US dollar to circulation and reserves in the world trade to export a large part of the domestic inflation , allowing the world to bear the US debt invisibly.
USD 0 multiple over-issuance of over-issuance caused distrust of the US dollar and dissatisfaction with the United States in the world. Countries hope to avoid risks through de-dollarization.
In fact, it is not only Russia that has begun to vigorously promote the relevant policies of "de-dollarization", but the "de-dollarization" process around the world has started and is in an implementation state.
or even, to be honest, the hardcore allies of the United States have long been prepared for "de-dollarization".
In recent years, 16 European and emerging market countries, including Germany, Netherlands , Turkey , Hungary , Russia, Nigeria , Poland and Venezuela , etc., want to ship gold back to their country. The total amount of gold stored by central banks in the Fed has dropped from a maximum of 7,000 tons to less than 6,000 tons now.
In addition, the INSTEX trade settlement system is built between Britain, France and Germany, and the goods are exchanged in a reciprocal way, and the settlement is not done with US dollar, avoiding the special mechanism of Global Banking Financial Telecommunications Association for transfers.
This trade tool was established to enable Iran to continue to carry out normal trade activities, because Iran was removed from SWIFT system . The United States announced its withdrawal from the Iran nuclear agreement, and imposed economic sanctions on Iran. It then banned certain Iranian banks from using the SWIFT system, claiming that they imposed sanctions on the countries they traded, which is equivalent to isolating Iran from the global mainstream trading system.
Many European companies need to continue to buy Iranian oil, and there are still significant investments in Iran. Stopping all transactions with Iran will cause huge losses to these companies. In order to continue normal trade activities with Iran, the United Kingdom, France and Germany contributed to the establishment of INSTEX. The system has been put into operation in 2019 and is very mature in all aspects.
In addition to this, BRICS Pay in the BRICS countries. Russia took the lead in proposing the idea of building a "BRICS payment" system. Because in the BRICS countries, Russia, China, India, and Brazil have their own payment systems, namely Mir, UnionPay , RuPay and ELO, but they are all only used in their own countries. The purpose of establishing the "BRICS Payment" system is to connect these systems together, so that any country's enterprises or individuals save the trouble of exchanging currencies and reduce the losses suffered by changes in the US dollar exchange rate when making financial payments or transfers in other countries, making the cross-border payment procedures simpler and more efficient.
SCO In order to avoid becoming the United States' target in the future, it is restricted by the US dollar and continuously promote local currency settlement. In 2015, member states proposed practical suggestions such as financial mechanism reform, and planned to reduce the dependence on the US dollar in the process of financial mechanism reform and de-dollarization within the SCO. Iran's joining the SCO proves the influence of the SCO and its member states are gradually expanding. Secondly, it also shows that the SCO has covered the Persian Gulf region in the Middle East. Iran is restricted by the US dollar. It is a major country that "de-dollar" with China and Russia, and has led other countries to de-dollarization within the SCO.
De-dollarization is actually a matter of countries in order to avoid the adverse effects brought to them by the US dollar. The purpose of global de-dollarization countries is nothing more than to weaken the role and status of the US dollar as the international currency and reduce their dependence on the US dollar.
At present, sparks around the world have been ignited. With the continuous decline of the US national strength, these sparks will inevitably become a prairie fire in the process of continuous development.
However, this process still takes time. Currently, the US dollar is the largest international payment currency and its status has not changed. When countries conduct international trade, they still need to use a certain amount of US dollars.
Even so, the status of the US dollar international currency has been gradually weakened, and the goal of de-dollarization is not far from the international community.
