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As the pace of global integration continues to grow, an increasingly diversified financial system has emerged.
Even so, the US dollar continues to dominate the global monetary landscape, taking the lead in the international payment system due to its strong liquidity and credibility base.
Since the end of World War II, the US dollar has become a global hegemonic position and has become the most common currency traded in the economic and trade transactions of various countries.
It is precisely this position that has established the core position of the United States in the global economic and financial fields.
As early as the mid-40s of the 20th century, the international monetary system centered around the US dollar came into being.
Since then, the U.S. dollar has been linked to the currencies of other countries, further establishing the important position of the U.S. dollar in the process of global currency reserves.
In the process of the continuous development of the US dollar, it first decoupled from gold and completely ended the corresponding system of fixed exchange rates, but the influence of the US dollar in the world has not diminished in the slightest.
Over the years, the United States has become increasingly influential in its economy and in international transactions.
When countries trade and reserve foreign exchange, the first choice is the US dollar. In addition to this, the US dollar has maintained a leading position in the global payment system.
However, while the US dollar dominates the core of the global economy, the importance of the euro in the international payment system has gradually become prominent as the European economy continues to grow.
In addition, the influence of the yen and the renminbi in the international community is also growing.
However, although the influence of the renminbi in international transactions has increased, there is still a certain gap between the influence of the US dollar and the euro.
Relying on the historical precipitation and accumulation of the US dollar and the huge economic size, the US government has always maintained the identity of the US dollar as the most circulating currency.
With the continuous development of the economies of various countries, the effect of global integration has become more and more obvious, and the currency payment system has also undergone certain changes.
Especially in the current economic situation, the international payment pattern is facing a major reshuffle.
This also fully illustrates that the global economy is moving in the direction of multipolarity. The dominance of the global economy by the dollar and the euro, which used to be the dominant phenomenon of the US dollar, is being hit by a new shock.
This landscape is changing dramatically, especially in the context of the growing growth of emerging markets.
After years of hard work, China's economy has developed rapidly and has now become the second largest economy in the world. The rise of China's economy has continued to boost the status of the renminbi in the international economy.
Recently, foreign media broke the news that the proportion of euro payments has dropped again, which has also made people pay attention to what kind of state the RMB is in the international payment system.
Judging from the data released by professional institutions, the proportion of the US dollar and the euro, as well as the yuan and the yen, has changed a lot in the international payment system, among which the euro has suffered more losses, and a large part of the euro payment market has been snatched away by the dollar.
The main reason for this phenomenon is related to the fact that the United States continues to postpone the policy of cutting interest rates.
At the end of last year, the U.S. government announced that it was expected to implement an interest rate cut policy in March 2024, which is also a plan to cut interest rates after multiple interest rate hikes in the United States since 2022.
But judging from the current situation, the US government's interest rate cut plan has not been implemented according to the previous plan.
Not only that, but the U.S. government is likely to continue to raise interest rates. It is precisely because of the impact of the interest rate hike policy that the proportion of the US dollar in the international payment system has increased again. Compared to the US dollar, the share of payments in euros decreased by 21.9%.
A year ago, the euro's share of the international payment system was still relatively strong, not much different from that of the dollar.
In just over a year, the share of the dollar in the international payment system has grown, while the euro has fallen sharply.
Indirectly, it shows that the United States is actually preparing to carry out another crazy harvest, and under the mode of this harvest, the international payment system has also been affected.
Unlike the U.S. currency and the international currencies used in Europe, the share of payments in continental currencies has been growing steadily.
In recent years, the mainland economy has been in a state of stable development, especially after the country has implemented the digital renminbi, which has also laid a good foundation for the renminbi to go international.
At present, the international payment system is facing a big scene, and a diversified payment system has been formed.
Especially in the face of the continuous calls for de-dollarization, many countries have avoided the dollar when trading.
This also allows us to see that in the case of the further development of emerging markets, the global currency payment system will also enter a stage of deepening change, but the ranking of mainland currencies in the global payment system continues to rise, further demonstrating China's economic strength.
What do you think about international payments? Welcome to discuss in the comment area!