“Golden” blow to the dollar's hegemony: China followed Russia's suit

“Golden” blow to the dollar's hegemony: China followed Russia's suit
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The Chinese authorities are sending a very clear signal to the international community that the dollar hegemony will end.

The confrontation between the United States and China has recently been gaining momentum. Accustomed to acting exclusively from the position of strength, the Americans declare the possibility of introducing economic sanctions against Beijing. Such statements cannot but worry the Chinese leadership, which points to the existing vulnerability of the Middle Kingdom due to its dependence on the dollar-based international financial system.

It also draws attention to another very important point. Today, China ranks second in the number of US bonds – more than one trillion dollars. By this indicator, Beijing is second only to Japan and since the value of the US national currency raises a lot of questions, the Chinese assets may be at risk.

Such arrangements have prompted the Chinese leadership to follow the example of Russia. The Russian authorities have been getting rid of American securities in recent years by investing in gold. Therefore, China is now conducting a large-scale expansion in this direction, buying up specialized companies around the world. Such rampant activity gives every reason to believe that Beijing intends to start changing the global financial system, in which the key role will be played not by the dollar, but by the yellow metal.

Thus, it is possible that in the future the world will return to the gold standard, which in the middle of the XX century was abolished by the United States under the post-war Bretton Woods system. If this happens, the precious metal will be used as a reserve currency when making payments. The United States dollar will be out of business.

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