What De-Dollarization? The Dollar Rules the World

[erik]

The dominance of the US dollar in international trade and as a reserve currency has been a subject of debate for decades. While the dollar’s position has remained strong, the Chinese renminbi is making gradual strides towards becoming a meaningful contender in the global currency landscape.

Facts

• Lula da Silva, Brazil’s former president, questioned the need for every country to trade in dollars.
• China has negotiated bilateral currency swap agreements totaling 3.7 trillion renminbi ($550 billion) with at least 39 central banks.
• Since 2010, offshore renminbi markets have sprung up in 24 cities around the world, with $200 billion deposited in offshore accounts by July 2021.
• The Chinese renminbi’s growth as a reserve currency is limited by capital controls and restricted convertibility into other currencies.
• The euro has established itself as the second-favorite reserve currency and an alternative to the US dollar in international transactions.
• The Chinese currency is gathering momentum to potentially surpass the yen and pound in the reserve-currency race by 2043.
• China has extended over $170 billion in liquidity support to more than 20 countries, many of which are part of the Belt and Road Initiative.

Dollar hegemony is beneficial for the US, its government and most of its citizens — and is likely to last for the foreseeable future.

US Dollars chellenges?

• China, Russia, and Saudi Arabia formed a trade alliance due to significant global trade imbalances in 2022.
• These three countries had the largest trade surpluses, totaling $1.43 trillion in 2022.
• The largest trade deficits were held by the US ($1.19 trillion), the EU ($432 billion), and India ($273.5 billion).
• French President Macron called for Europe to reduce its dependence on the US and avoid following its lead on issues like Taiwan.
• The article suggests that the trade alliance aims to create an alternative to the US dollar and Euro by trading in their own currencies.
• EU’s trade deficit with China and Russia increased by 58.1% and 100% respectively in 2022.
  The trade imbalance has challenged the credibility of the US dollar and the Euro, leading countries to seek alternatives for trade and settlements.

[Aiko]

什麼去美元化？美元統治世界

美元在國際貿易中的主導地位和作為儲備貨幣的地位幾十年來一直是一個爭論的話題。雖然美元的地位一直很穩固，但中國的人民幣正在逐步成為全球貨幣格局中一個有意義的競爭者。

事實

• 巴西前總統盧拉-達席爾瓦(Lula da Silva)質疑每個國家都有必要用美元進行貿易。
• 中國已經與至少39個中央銀行談判達成了總額為3.7萬億人民幣（5500億美元）的雙邊貨幣互換協議。
• 自2010年以來，離岸人民幣市場在全球24個城市興起，到2021年7月將有2000億美元存入離岸帳戶。
• 中國人民幣作為儲備貨幣的增長受到了資本控制和與其他貨幣兌換的限制。
• 歐元已經成為第二受歡迎的儲備貨幣，並在國際交易中成為美元的替代貨幣。
• 中國貨幣正在蓄勢待發，有可能在2043年之前在儲備貨幣競賽中超過日元和英鎊。
• 中國已經向20多個國家提供了超過1700億美元的流動性支持，其中許多國家是 "一帶一路 "倡議的一部分。

美元霸權對美國、其政府和大多數公民都是有利的–而且可能在可預見的未來持續下去。

美國美元的挑戰？

• 由於2022年全球貿易嚴重失衡，中國、俄羅斯和沙烏地阿拉伯組成了一個貿易聯盟。
• 這三個國家擁有最大的貿易盈餘，2022年總額為1.43萬億美元。
• 貿易逆差最大的國家是美國（1.19萬億美元）、歐盟（4320億美元）和印度（2735億美元）。
• 法國總統馬克龍呼籲歐洲減少對美國的依賴，避免在台灣等問題上跟隨美國的步伐。
• 文章認為，該貿易聯盟旨在通過用自己的貨幣進行交易，創造美元和歐元的替代品。
• 2022年，歐盟與中國和俄羅斯的貿易逆差分別增加了58.1%和100%。
  貿易不平衡挑戰了美元和歐元的信譽，導致各國尋求貿易和結算的替代品。