一叶知秋：美元体系的挑战从跨境支付开始

The Challenge of the US Dollar System Starts from Cross-Border Payment System

美元体系是美国经济模式和美元霸权的重要支撑,其基本特征是美元环流机制。在美国罔顾世界共同利益和新一轮科技革命的背景下,对美元体系的挑战已经从跨境支付开始,既包括一些国家仿照传统模式的替代努力,也包括数字货币兴起及其在跨境支付领域的应用。虽然美元在外汇储备、国际债券、外汇交易和国际支付领域仍占绝对优势,但一叶落而知秋至,各国对脱离或超越美元的跨境支付工具的追求,或将挑战整个美元体系的运转并影响美元霸权。面对百年未有之大变局,中国应当顺应大势,抓住机遇,不断深化市场化改革和扩大高水平开放。

The US dollar system is an important support for the economic model and hegemony of the United States.The system’s basic feature is the circulation mechanism of the dollar.In the context of the United States ignoring the world’s common interests and a new round of science and technology revolution,the dollar system has started to be challenged in the field of cross-border payment,with some countries trying to follow the traditional mode to replace the current cross-border payment system,along with the emergence of digital currencies and their application in cross-border payment.Nowadays,the US dollar still has an absolute advantage in terms of foreign exchange reserves,international bonds,foreign exchange transactions and international payments,but other countries’pursuit of cross-border payment instruments that bypass or surpass the US dollar may challenge the operation of the dollar system and undermine the US dollar hegemony.Facing the unprecedented changes in a century,China should adapt to the development trend of the world and seize the opportunities to continue to deepen its market-oriented reforms and expand high-level opening-up.