According to relevant reports, after Russia, Iran , India and Türkiye, Egypt has also joined the de-dollarization camp. Egypt's central bank governor Hassan said that Egypt has decided to decouple its own currency from the US dollar, because the United States is not Egypt's main partner, so no matter what the dollar exchange rate is going, Egypt will start to establish the Egyptian pound index. As for which currency to be pegged to, gold may be other metals.
Egypt announced its decoupling from the US dollar, which is a big deal for the US dollar. Although Egypt's economic size is not large or small, even if the Egyptian pound and the US dollar are decoupled, the impact on the hegemony of the US dollar will be very small. I said this was a big deal because he set a precedent. Countries with other currencies pegged to the US dollar will also decouple Egypt and the US dollar due to insufficient US dollar reserves. Once more countries are decoupled, the process of de-dollarization will be accelerated, which will inevitably cause severe damage to the hegemony of the US dollar.
However, for Biden, this is not the headache, but the more headache is another thing, that is, the Chinese economy is ushering in a round of explosion. According to data released by the National Bureau of Statistics, from 2013 to mid-2021, China exceeded the sum of the G7 of the average contribution rate of the world economic growth, reaching 38.6%, while the sum of the G7 was only 25.7%. This data clearly demonstrates the resilience and vitality of my country's economy in the past decade, and also clearly shows that China is the primary driving force for world economic growth.
Maybe in the past, European countries were economic powers and industrial powers, but now Asia has an emerging economy , which is China, the world's second largest economy. It is worth mentioning that under the pressure of the epidemic, China's economy can still grow steadily, but the United States, the world's largest economy, has been unable to maintain a stable growth in the economic field over the years. Moreover, the inflation rate of the United States this year is surprisingly high, setting a record high in the highest inflation rate in the past 40 years. Compared with the two, the differences in the economic development of in China and the United States are clear at a glance.
In general, the United States continues to use its hegemony to do whatever it takes, and in the end it will be itself who is unlucky. China has proved with practical actions that only by following its own path with all our hearts is the kingdom of development of a country. If the United States cannot see this situation clearly, it will not be the world's largest country for a long time. (Shanshan)
