Before reading this article, I sincerely invite you to click "Follow", which is not only convenient for you to discuss and share, but also brings you a different sense of participation, thank you for your support.
In the global economic entanglement, financial war has always been an important chess game between major powers.
Especially in the context of a globalized economy, the economic behavior of each country is not only a domestic affair, but also a part of diplomacy.
And in this seemingly invisible but highly influential financial battle, the SWIFT system is undoubtedly a sharp weapon in the hands of the Western world.
However, in the face of an increasingly complex international political and economic situation, China and Russia, as important economies, cannot sit idly by.
With the recent remarks of US Treasury Secretary Janet Yellen on Sino-Russian financial cooperation, this game seems to have ushered in a new development.
As the core of international financial transactions, the essence of the SWIFT system is not only technical services.
Its deeper role is to influence or even control the direction of the global economy by controlling critical financial infrastructure.
As a global financial information transfer system established in 1973 in Brussels, Belgium.
SWIFT not only strengthened transatlantic economic and trade ties, but was also an important tool for the United States and its allies to exert financial pressure on the Soviet Union and its allies in the context of the Cold War.
Today, with the evolution of the global political and economic landscape, the wrestling between China, the United States and Russia in the financial field has become increasingly intense.
Against this backdrop, the United States is actually engaging in a new form of strategic contest through potential sanctions against Chinese financial institutions.
Yellen's recent statement though suspended sanctions on the Bank of China.
However, this strategic ambiguity and suspension actually reflects the repositioning and tactical adjustment of the United States in its global strategy.
Feeling the financial pressure from the West, China and Russia did not choose to simply give in or evade, but began to explore the establishment of an independent financial settlement system.
China and Russia, in particular, have begun to reduce their dependence on the Western financial system by using local currencies for settlement.
This approach is not only a technical adjustment in the financial sector, but also an important measure for the two countries to seek autonomy in the global economy and enhance their ability to resist external risks.
In addition, in the process of promoting the Belt and Road Initiative, China is also trying to build a more diversified international financial system.
Through this initiative, China has not only strengthened material exchanges with countries along the route.
More importantly, it has promoted the wide application of financial cooperation and local currency settlement, which, to a certain extent, is a challenge to the existing Western financial dominant structure.
This move is of great significance for easing the pressure on the US dollar system and increasing the international circulation of the RMB.
Although the United States has ostensibly adopted a seemingly neutral attitude towards China's financial strategy, behind it is actually a concern about future financial hegemony.
As a global financial hegemon, the United States is well aware that any potential challenge to the SWIFT system could weaken its grip on the global economy.
So despite Yellen's public statement that she will not impose sanctions on China for the time being.
But this statement is more of a strategic pause, aimed at buying time for the US government to reassess and adjust its global strategic layout.
The economic game between China and the United States is not only reflected in the direct trade war and financial sanctions, but also in the control and influence of both sides on the future financial system.
China's gradual financial autonomy, such as the internationalization of the renminbi.
and enhancing regional economic cooperation through multilateral platforms such as the Asian Infrastructure Investment Bank (AIIB).
They are all preparing for a more balanced and pluralistic global financial architecture.
What do you have to say about this? Feel free to leave your thoughts in the comment section!