The recent currency war in the United States around the world is like a big game, pulling down the currencies of many Asian countries, which makes the economic prospects of these countries look not good. At the same time, the United States and Europe have joined forces to exert tremendous pressure on China and Russia, as if they are forcing China and Russia to draw a clear line. Russian President Vladimir Putin has lost patience with this, and the whole situation is becoming more and more tense.
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So, what should China do in the face of such a hardline move by the United States? Should it choose to obey or resist? This is actually a question that needs to be weighed against the pros and cons. Is this currency war and sanctions a challenge or an opportunity for us? Next, let's calmly analyze it.
We must not be fooled by the tricks of the United States. On the surface, the currency war waged by the United States against many Asian countries seems to be aimed at tackling inflation, but in fact, it has other purposes. The United States wants to manipulate the exchange rate to put Asian countries in a difficult situation, and then drive a wedge between Washington and Beijing.
Moreover, the United States and Europe have also imposed so-called "devastating" sanctions on Russia, openly demanding that China "draw a line" with Russia, which is actually trying to cut off Russia's economic lifeline. That Blinken even shamelessly said that he would sanction China's financial institutions, which is simply a blatant threat and interference.
In the face of these wanton and unreasonable practices of the United States, we absolutely cannot be deceived by it and easily fooled by it. The United States often presents itself as the "world's policeman" and keeps saying that it wants to uphold the so-called "international rules," but in fact, what it does runs counter to these so-called "rules." It is always secretly looking for all kinds of excuses and justifications to try to undermine the existing international order and subvert the international system in order to achieve its own hegemonic interests.
From currency wars to unwarranted sanctions, these actions of the United States have all reflected the essence of its hegemonism. It tries to economically suppress and contain other countries by manipulating exchange rates and launching trade wars. At the same time, it has ruthlessly imposed sanctions on those countries that dare to challenge its hegemony, in a vain attempt to force other countries to submit by force.
These hegemonist acts not only violate international law and basic norms governing international relations, but also seriously undermine the fairness and justice of the international community. The actions of the United States are shameless to all those who look at them, and what they have done is undoubtedly undermining the harmony and stability of the international community and hindering world peace and development.
In fact, the words "democracy and freedom" that Washington said were all used to cover up shame. Its real purpose is to suppress China, contain Russia, and maintain its hegemonic position in international affairs. We must not be blinded by its rhetoric, let alone bow to its unreasonable threats.
Although this currency war is a big challenge for us, we must also see that there are also hidden opportunities. Yes, the currency war waged by the United States in Asia has indeed put some pressure on our economy, and the RMB exchange rate may also fluctuate in the short term, and some industries may also be affected. However, as long as we can deal with it calmly, we will be able to save the day.
In fact, China's economic fundamentals are still very good, its foreign exchange reserves are sufficient, and its financial control measures are also very effective, so it is fully capable of dealing with the risk of exchange rate fluctuations. On the other hand, the United States' own economy is not in good shape, with high interest rates making its debt burden heavier and interest rate hikes bogging it down.
What's more, this currency war has actually brought a rare opportunity for China. We can capitalize on the discontent of other Asian countries, unite them against the hegemony of the dollar, promote local currency settlements and regional trade and investment liberalization, and make the renminbi more important in the international arena, which can weaken the dollar's position in the global financial system.
Although the U.S. approach presents us with some challenges, there are also many opportunities. The key lies in whether we can keep a clear head, respond calmly, and seize the opportunity of development from the crisis.