国产av不卡一区二区_欧美xxxx做受欧美_成年人看的毛片_亚洲第一天堂在线观看_亚洲午夜精品久久久中文影院av_8x8ⅹ国产精品一区二区二区_久久精品国产sm调教网站演员_亚洲av综合色区无码一二三区_成人免费激情视频_国产九九九视频

Global EditionASIA 中文雙語Fran?ais
Opinion
Home / Opinion / China and the World Roundtable

Global economy getting out of the dollar trap

By Zhang Monan | China Daily | Updated: 2023-04-24 08:05
Share
Share - WeChat
[Photo/VCG]

The international monetary system is undergoing an unprecedented change, pivoting away from the US dollar — which can be called "de-dollarization". The United States has been abusing the dollar's monopoly in global trade, reaping massive benefits from the greenback's supremacy and frequently imposing economic sanctions on other countries and entities, which have not only exacerbated global economic risks but also eroded its global credibility.

The first manifestation of dollar hegemony is the siphoning off global liquidity in every dollar cycle. The dollar has reigned supreme in global trade and foreign exchange transactions, and as reserve assets, with the US Federal Reserve literally becoming the world's central bank. The Fed's monetary policy steers the global monetary policy cycle, and the fluctuations in US interest rates have a tidal, siphoning effect on global dollar liquidity. The dollar's trajectory has been rising this year, with the dollar index breaking the 110 mark, a 20-year high, while currencies such as the euro, the yen, the Republic of Korea's won and other major non-US currencies have been pushed over a cliff.

According to the Bank for International Settlements, the nominal effective exchange rate of the dollar against a wide range of currencies, including those of developed and emerging countries, was at its highest level since 1994, when such data were first released. The cyclical fluctuations of the dollar have led to drastic swings in global exchange rate markets. That, in turn, has unsettled the macroeconomic and financial systems of countries and even led to frequent financial crises. The US stands to benefit massively as capital flows into its market, and uses its currency to harvest the wealth of other countries.

As such, the dominance of the dollar has become the greatest systemic risk to the international monetary system.

The second manifestation of dollar hegemony is the US' abuse of economic sanctions. The history of the dollar cycle shows that strong cycles have often coincided with "dollarization". But in a departure from the past, the current strong dollar cycle, instead of coinciding with dollarization, coincides with de-dollarization.

According to Bank of International Settlements data, the dollar today accounts for 40.4 percent of international payments, 88.3 percent of foreign exchange transactions, 45.1 percent of international bond notes, 41.73 percent of the Special Drawing Rights basket, and 59.23 percent of global foreign exchange reserves, topping $7 trillion.

However, the fault lines in the international monetary system have long been visible, and the trend of de-dollarization has accelerated, characterized by more decoupling from the dollar-clearing system, US treasury bond sell-offs, overweight gold reserves and declining dollar settlements.

The Russia-Ukraine conflict and the unprecedented financial sanctions against Moscow in its wake are, in fact, accelerating the de-dollarization trend. The US' weaponization of finance has not only cast a shadow over the stability and reliability of the international monetary and financial system but also upended the logic of the functioning of global financial markets, which no longer follow the principle of neutrality.

While assets owned by sovereign states are no longer inviolable, the financial system long controlled by the US, through institutions such as the Society for Worldwide Interbank Financial Telecommunication, has become a tool for unilateralism, making the dollar no longer a risk-free asset. In the long run, this portends serious damage to the credibility of the dollar.

With the monetization of dollar-denominated debt and the use of financial sanctions as a weapon, the foundation of the dollar's hegemony has been shaken. From a global perspective, more overseas creditors, apart from Japan, China and Russia, are increasingly divesting their US debts. In October, Japan's holdings of US debt fell to about $1.12 trillion, a three-year low, and China's US debt holdings dropped to $933.6 billion from $1.32 trillion in November 2013, representing a cumulative sell-off of 30 percent.

Notably, even Saudi Arabia has sold $62 billion of US debt since 2020, a cumulative sell-off of 35 percent. Riyadh said it has abandoned the use of the dollar in oil transactions to bypass the NOPEC Act, which the US passed to target Saudi Arabia. The rifts in the dollar payment system are deepening.

Besides, an alternative global trade settlement system has transformed from concept to reality. A growing number of economies have been devising or have devised independent payment systems to bypass the global financial payment and settlement system dominated by the US. In 2019, Germany, France and the United Kingdom announced the creation of an EU trade settlement support mechanism for Iran, in order to facilitate non-dollar and non-SWIFT transactions and bypass US sanctions. The Instrument to Support Trade Transactions mechanism has also been established, while India has devised an Indian rupee settlement system for international trade to reduce its reliance on the dollar.

The Bank of Israel, too, has begun diversifying its foreign exchange reserves this year, and is set to reduce the proportion of the dollar in its foreign exchange reserves from 66.5 percent to 61 percent. De-dollarization is indeed gathering pace.

Moreover, according to a Brazil central bank report on international reserve management, in 2021, the proportion of the dollar in its foreign exchange reserves declined by 5.69 percentage points from the 2020 level to 80.34 percent, the lowest since 2014, while the share of the Chinese renminbi in Brazil's foreign exchange reserves increased from 1.21 percent in 2020 to 4.99 percent in 2021, the highest level since the renminbi was included in the country's currency basket in 2019.

Also, the first China-Gulf Arab States Cooperation Council summit reached an agreement to establish a system to settle oil and gas trade payments in the renminbi.

All signs suggest the international monetary system will evolve into a system marked by one superpower and multiple major powers. As the internationalization of sovereign currencies of emerging economies advances, a multipolar global monetary system can, to some extent, reduce the privileges of the dollar. However, an alternative trade settlement system needs to be established to strengthen the counterweight to the dollar, paving the way for the balanced development of a multilateral global monetary system.

The author is deputy director of the Institute of American and European Studies, China Center for International Economic Exchanges. Source: chinausfocus.com

The views don't necessarily reflect those of China Daily.

Most Viewed in 24 Hours
Top
BACK TO THE TOP
English
Copyright 1994 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
国产精品美女久久久久aⅴ国产馆| 99爱免费视频| 狠狠色综合久久婷婷| 九九热这里只有精品6| 色噜噜狠狠狠综合曰曰曰| 亚洲欧美制服丝袜| 亚洲精品自拍第一页| 亚洲福利视频专区| 日韩精品一区二区三区三区免费| 6080午夜不卡| 91精品国产一区二区| 欧美人与禽zozo性伦| 欧美性大战久久久久久久蜜臀| 欧美色视频日本版| 日韩欧美亚洲一二三区| 欧美视频13p| 色婷婷久久久久swag精品| 欧美日韩在线视频观看| 欧美网站在线观看| 色悠悠久久综合| 91久久精品国产91性色tv| 91国偷自产一区二区三区观看| 色婷婷久久久亚洲一区二区三区 | 亚洲图片小说综合| 亚洲最大最好的私人影剧院| 男人天堂网页| 欧美做爰猛烈大尺度视频| 热99re久久精品精品免费 | 亚洲图片一区二区| 亚洲成av人片www| 欧美日韩国产中字| 色综合色综合色综合色综合色综合| 精品女厕一区二区三区| 一本大道久久精品懂色aⅴ| 在线免费亚洲电影| 欧美精品高清视频| 日韩精品最新网址| 日韩黄色在线免费观看| 一区二区三区在线播放欧美| 久久精品久久精品亚洲人| 欧美精品在线看| 亚洲91精品在线| 四虎影院免费在线| 国产视频网站在线观看| 无遮挡又色又刺激的女人视频| 黑人40厘米全进去| 丁香婷婷自拍| 在线观看av资源| 国产高清在线看| 影音先锋中文在线视频| 一级毛片久久久| 亚洲精品自拍| 欧美日韩导航| 久久久久国产精品| 99国产精品99久久久久久粉嫩| 日日噜噜夜夜狠狠视频欧美人| 国产在线视频一区二区三区| av亚洲精华国产精华| 国产亚洲成aⅴ人片在线观看| 1区2区3区国产精品| 午夜精品久久久久久久久| 欧美在线999| 精品国产乱码久久久久久蜜臀| 尤物99国产成人精品视频| 久久99热精品这里久久精品| 影音先锋中文资源站| 91caopron| eeuss鲁片一区| 精品久久久久一区二区三区 | 成人线上播放| 99tv成人| 老色鬼久久亚洲一区二区| 国产jizzjizz一区二区| 国产精品美女一区二区在线观看| 亚洲va在线va天堂| 777色狠狠一区二区三区| 亚洲毛片在线观看.| 欧美精品在线播放| 国产伊人网av.| 欧美18 19xxx| 高清av在线| 亚洲一区站长工具| 精品淫伦v久久水蜜桃| 中文字幕一区二区av| 人妖欧美一区二区| 久久综合九色综合97婷婷女人 | 国产原创在线| avtt天堂资源网| eeuss影院在线播放| 波多野结衣久久精品| 北条麻妃在线一区二区免费播放| 亚洲激情中文| 韩国三级在线一区| 亚洲欧洲日本在线| 欧美日韩精品系列| 在线观看欧美www| 中文字幕jux大岛优香| 可以免费观看av的网站| 成人高清在线| 日本h片久久| 精品国产91久久久久久浪潮蜜月| 免播放器亚洲| 久久精品人人爽人人爽| 色综合久久综合中文综合网| 亚洲精品一线二线三线| 久久久久久成人精品| 91网站观看| 中文资源在线网| 国产高清中文字幕在线| 欧美日韩夜夜| 欧美一级视频| 中文字幕 久热精品 视频在线| 91黄色小视频| 最新中文字幕亚洲| 国产伊人网av.| 亚洲人av在线| 日韩精品影片| 色乱码一区二区三区网站| 久久成人久久鬼色| 亚洲免费观看高清完整版在线观看| 91精品婷婷国产综合久久竹菊| 久久香蕉国产线看观看av| 91蝌蚪视频九色| 欧美婷婷久久五月精品三区| 一区二区视频免费完整版观看| 欧美日韩高清| 久久99久久99| 亚洲在线观看免费| 日韩精品极品视频免费观看| 深田えいみ中文字幕99久久| 波多野结衣在线| 色戒汤唯在线| 日韩欧美二区| 成人午夜私人影院| 色综合色综合色综合色综合色综合 | 亚洲美女色播| 国内精品久久久久久久影视蜜臀| 91小视频免费看| 欧美视频在线一区二区三区| 欧美精品亚州精品| 欧美18—20岁hd第一次| av免费不卡国产观看| 欧美一区二区三区高清视频| 国产成人在线观看免费网站| 精品久久久久久久久久国产 | 久久众筹精品私拍模特| 欧美日韩国产小视频| 欧美日韩成人黄色| 蜜桃传媒av| 两个人看的在线视频www| 日本高清免费电影一区| 国产成人aaa| 欧美在线观看一二区| 色综合视频一区中文字幕| 天天综合天天操| av资源在线| 青青草原综合久久大伊人精品| 国产成人亚洲综合a∨猫咪| 色婷婷久久久久swag精品| 欧美成人精品不卡视频在线观看| 五月综合网站| 中文在线а√在线8| 欧美在线三级| 久久婷婷成人综合色| 91麻豆精品国产91久久久久久久久| 97超碰国产精品女人人人爽 | 欧美啪啪一区| 国产精品视频一区二区三区不卡| 亚洲第一av在线| 国产成人精品视频一区| 久草中文在线| 欧美日韩色图| 26uuu色噜噜精品一区二区| 日韩三区在线观看| 精品麻豆国产| 久久日韩视频| 日韩电影免费网站| 91老师片黄在线观看| 日韩欧美专区在线| 精品国内一区二区三区免费视频 | 日本在线视频www鲁啊鲁| 日本黄色精品| 久久久久国产精品厨房| 亚洲第一免费播放区| 91美女视频| 国产精品yjizz视频网| 精品99视频| 樱桃国产成人精品视频| 久久精品国产清自在天天线 | 日韩av在线精品| 猛性xxxxx| 久九九久频精品短视频| 日韩午夜精品| 亚洲777理论| 久久久久久久久亚洲| 日韩精品福利| 免费看成人吃奶视频在线| 99久久精品费精品国产一区二区| 精品久久国产97色综合| 人人插人人射| 精品国产第一福利网站| 手机精品视频在线观看| 日韩欧美在线观看视频| 最近中文字幕av免费高清| 欧美黑人激情| 999成人网| 亚洲啪啪综合av一区二区三区| www高清在线视频日韩欧美| 黄色三级高清在线播放| 日本免费一区二区视频| 成人网页在线观看| 亚洲国产精品久久精品怡红院| 黄色网址网站| 99久久亚洲国产日韩美女| 另类小说一区二区三区| 欧美高清视频一二三区| 香蕉视频在线视频| 日韩在线免费| 狠狠v欧美v日韩v亚洲ⅴ| 日韩一区二区三区视频在线观看| 国产精品一区二区资源| 综合另类专区| 久久精品国产久精国产爱| 在线不卡a资源高清| 色xxx在线播放| 精品久久在线| 成人深夜在线观看| 亚洲精品影视在线观看| 国产成+人+亚洲+欧美+综合| 试看120秒一区二区三区| 成人avav影音| 国产性色av一区二区| 亚洲精品少妇久久久久久| 国产一区二区三区不卡av| 久久看人人爽人人| 色婷婷**av毛片一区| 深夜福利视频一区| 日韩精品中文字幕第1页| 一区二区欧美精品| 综合免费一区二区三区| av不卡高清| 免费在线欧美视频| 日韩欧美成人午夜| 天天av天天爱| 国产在线播放精品| 国产精品久久久久久久久动漫| 欧美国产中文字幕| 亚洲xxxxxx| 一本色道久久综合亚洲精品不| 欧美亚洲高清一区二区三区不卡| 五月婷婷丁香激情| 老司机亚洲精品一区二区| 91丝袜国产在线播放| 精品国产网站地址| 欧美日本一道| 久久一综合视频| 日韩免费电影网站| 国产精美视频| 欧美综合久久| 午夜精品久久久久久久99水蜜桃 | 色综合激情久久| 偷偷看偷偷操| 97品白浆高清久久久久久| 国产精品色在线观看| 97视频在线观看网址| bl在线肉h视频大尺度| 蜜桃久久久久久| 精品亚洲一区二区三区| 日韩精品123| 亚洲国产午夜| 日韩女优av电影| 福利在线国产| 欧美黄色一区| 欧美日韩国产系列| 国产主播色在线| 日韩精品一区二区三区免费观看| 欧美日韩亚洲网| 免费激情小视频| 日韩欧美影院| 姬川优奈aav一区二区| 免费三级毛片| 午夜精品福利影院| 午夜精品一区二区三区免费视频 | 欧美成人午夜剧场免费观看| 中文字幕有码在线观看| 久久9热精品视频| 亚洲偷熟乱区亚洲香蕉av| av基地在线| 蜜臀91精品一区二区三区| 国产一区二区三区丝袜| 蜜桃视频网站在线观看| 免费看欧美美女黄的网站| 国产一区二区三区在线观看网站| 欧美日韩在线看片| 激情伊人五月天久久综合| 中文字幕免费国产精品| a黄色片在线观看| 国产一区二区三区四区五区美女| 精品国产欧美成人夜夜嗨| 日本在线观看高清完整版| 风间由美一区二区三区在线观看| 久久国产色av| 欧美男人天堂| 久久一区二区视频| 视频1区2区3区| 美女久久精品| 亚洲线精品一区二区三区八戒| 黄色网址网站在线观看| 欧美日韩水蜜桃| 欧美电影影音先锋| 中文字幕视频在线| 校园春色综合网| 在线观看成人黄色| 黄色污污视频在线观看| 99re这里只有精品6| 668精品在线视频| 高清在线一区二区| 亚洲激情欧美激情| 黄色网址免费看| 色婷婷亚洲mv天堂mv在影片| 日韩一区二区三区视频在线 | 六月丁香综合| 色婷婷久久一区二区| 川上优av中文字幕一区二区| 久久综合九色综合97_久久久| 四虎影院成人| 日韩av中文字幕一区| 91福利在线看| 最新91在线| 首页国产欧美久久| 欧美超级免费视 在线| 日本美女一区| 日韩毛片在线免费观看| 九九热在线观看视频| 先锋资源久久| 亚洲激情视频在线观看| 精品麻豆一区二区三区| 成人午夜看片网址| 最近中文字幕大全中文字幕免费| 大陆精大陆国产国语精品| 在线精品视频免费播放| 在线观看视频色潮| 蜜臀av一区二区在线观看 | 亚洲精品中文在线影院| eeuss影院eeuss最新直达| 国产精品vip| 亚洲系列中文字幕| 丝袜老师在线| 亚洲免费观看高清完整版在线观看| ass白嫩白嫩的小美女| 黄色成人在线网址| 在线视频国产日韩| 成人在线爆射| 亚洲 欧美综合在线网络| 日本按摩中出| 日本免费在线视频不卡一不卡二| 欧美极品美女视频网站在线观看免费| 精品国产亚洲日本| 在线亚洲+欧美+日本专区| 免费一级在线观看| 成人午夜激情影院| 国产网站麻豆精品视频| 99九九热只有国产精品| 亚洲天堂成人在线| 成人天堂yy6080亚洲高清| 亚洲五码中文字幕| 两个人hd高清在线观看| 激情综合五月婷婷| 亚洲成人国产综合| 日韩极品一区| 亚洲欧美激情精品一区二区| 老司机深夜福利在线观看| 一区二区三区不卡在线观看| av成人动漫| 国产一区二区三区久久久| 天堂中文在线观看| 精品国产一区二区三区| 亚洲精品99久久久久| 欧美a级在线观看| 亚洲一区二区av电影| 尤物免费看在线视频| 成人午夜大片免费观看| 色多多视频网站| 国产色综合网| 97视频在线观看成人| 国产精品一国产精品| 国产午夜精品久久久| 韩日精品一区| 欧洲国内综合视频| 麻豆视频网站在线观看| 国产精品三级电影| www.男人的天堂.com| 精久久久久久久久久久| 欧美xxxxx性| 欧美精品国产| 久久999免费视频| 美女久久99| 亚洲人午夜精品免费| 成人精品视频在线观看| 777久久久精品|