Nowadays, an increasing number of people have realized that the US dollar is not that significant, and its status is not unchangeable.

Some time ago, even American lawmakers pointed out that the facts in other countries have proven that abandoning the US dollar will not affect international trade.

The data provided by Russia now also shows that in a system without the US dollar, other currencies will naturally grow and share the role of the US dollar.

01. The US dollar is not irreplaceable

In the latest data from Russia's exchange, we found that the transaction volume of the renminbi has occupied 39% in March this year, while the transaction volume of the US dollar has been continuously declining, currently only 34%, which means that the proportion of the renminbi has exceeded the US dollar by 5 percentage points.

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In fact, the renminbi is currently the world's fifth-largest payment currency, with foreign exchange trading volume increasing to 7% in the global market share, and reaching the first place in the growth rate of currency shares in the global market. It is undeniable that the internationalization trend of the renminbi is unstoppable.

Although the renminbi has a promising future in the global trade market, the US dollar still occupies a dominant position in the current international monetary system and has absolute say.

According to the latest data from SWIFT, in February this year, the US dollar ranked first in the global payment currency ranking with a proportion of 41.1%, which is 4.7% higher than the second place, the euro, and the status of the US dollar in global payments is relatively stable.

However, if this system is not used, global trade and mutual settlements can also be carried out using other systems. The settlement system established by China has been operating for more than 5 years and is being accepted by more and more countries and banks.

For example, in the data provided by the Russian exchange, we found that when everyone reduces the use of the US dollar, there will naturally be a currency to replace the role of the US dollar.02, Digital Renminbi

Although many countries around the world are currently attempting to reduce the impact of the US dollar on the international market, this effort is inevitably a lengthy process, and the currency system dominated by the US dollar will not undergo significant changes in the short term.

However, in the foreseeable future, the trend of the international monetary system is towards diversification, and the renminbi will also usher in a good opportunity for its development.

To further promote the renminbi into the international market, the country may introduce relevant policies in various aspects to provide a relatively stable environment for the development of the renminbi.

For example, China is vigorously developing blockchain technology and developing digital currencies, which is expected to reduce its dependence on the US dollar.

In recent years, the People's Bank of China has been committed to developing the digital renminbi and has carried out pilot work in some cities.

Due to its fast and convenient characteristics, digital currency can also reduce cross-border exchange rates and settlement costs, and is considered one of the important ways to "de-dollarize".

03, New Super Currency

On the other hand, the decline of the US dollar is also related to the emergence of more and more super currencies.

Twenty years ago, the euro finally came into being, and during the development process of more than 20 years, the importance of the euro has become increasingly apparent.In the current global central bank foreign exchange reserves, the proportion of US dollar assets has decreased by nearly 20 percentage points, while the proportion of the euro has increased from zero to the current 20%.

It can be said that the euro has single-handedly lowered the proportion of the US dollar.

Now, more and more super currencies like the euro are going to emerge.

At the beginning of this year, South American countries held a meeting, where Brazil and Argentina jointly proposed a very meaningful idea, that is, to establish their own unified currency. In the future, trade within South America will no longer need to use the US dollar.

In April, Malaysia also proposed to China to establish its own unified currency in Asia. Once the Asian yuan is introduced, the status of the US dollar will further decline.