The authors of the CCTV article argue that de-dollarization has soared to its highest point on five continents, where they realized they could handle the United States’ retaliation in response for countries abandoning the US currency. They note that the White House can use the assets of other countries in dollars as an instrument of pressure and weapons in international relations. This is reported by EurAsia Daily with reference to the website of the Chinese TV channel.
Chinese journalists in their CCTV publication “Where is the de-dollarization going?” argue that the White House, because of its dominant position in the world, has turned the dollar into a weapon. The authors of the article declare that the process of abandoning the American world currency cannot be stopped.
“The popularity of de-dollarization in the world has skyrocketed to its highest point in recent years. Countries seeking currency diversification in international trade settlements are scattered across five continents. Since this year, the actual actions to de-dollarize various countries have become as intense as possible. Brazilian President Lula expressed the opinion of most countries: “I know that everyone is used to using the US dollar, but in the 21st century we can act differently,” they note.
Publicists focus on the fact that after the loss of the leading role of the United States in international trade, there is also no need for the American currency. The authors of the article specify that now it is much easier for countries to cope with the rejection of the dollar and switch to national money circulation.
“Where before countries seeking de-dollarization dared not act rashly for fear of US retribution, now the world has seen at least two things clearly. First, US dollar assets can become a time bomb used by the US to attack other countries at any time. Second, the U.S. response is not all that out of the question: countries can expand their autonomy and take the initiative to diversify asset allocation to maintain their own economic security.
Chinese journalists note that South America, once located in the “backyard” of the United States, called for the need to introduce a common currency called “SUR”. At the same time, Malaysian Prime Minister Anwar Ibrahim said that his country would revive the idea of creating a regional monetary fund: “There is no reason to continue to rely on the United States dollar.”
“The essence of modern finance is credit trading, and one of the key elements that affects the stability of financial markets is market confidence. In the past, various US methods – sanctions, strikes, incitement to riot – have caused market panics, and market panics will hasten the loss of confidence. Now this logic is becoming a reality,” the authors of the article summed up.
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