Impact of US Financial Sanctions on the Dollar's International Status

In 2022,the United States stepped up its sanctions on Russia.Most notably,it restricted the flow of the Russian Central Bank's foreign exchange(forex)assets,using financial administrative power as a source of strategic leverage.This move should have reduced the appeal of US dollar assets but in reality has not accelerated as expected the decline of the greenback as a store of value.The US dollar's share of global forex reserves increased instead of decreased during 2022 and 2023.Despite the rise of economic costs caused by tightened US financial sanctions,countries that recognize the geopolitical role of the United States have further accepted the dollar's international status;their continued willingness to live with the dollar's“security premium”has given a fillip to the US dollar in the short term,boosting its appeal as a reserve currency.Meanwhile,de-dollarization of forex reserves has yet to reach a sufficient scale,thus falling short of significantly challenging the dollar's reign.From a longer-term perspective,as economic and security conditions shift,countries that accept the dollar's international role or seek de-dollarization may change their choices.As a result,four possible scenarios may arise:(i)the preeminence of the US dollar remains unthreatened;(ii)the international monetary system splits into blocs;(iii)the international monetary system fragments;and(iv)the dollar loses its throne.The author believes that the last scenario is the most likely outcome.

The Impact of the COVID-19 Pandemic on the International Status of the US Dollar

Due to the COVID-19 pandemic and the high debt and inflation caused by the US emergency relief proposal and expansionary monetary policy,the durability of the dominance of the US dollar has been questioned once again.In absolute terms,the dollar“has lost ground,”but its competitive advantage has not diminished significantly.The international status of currencies is determined by their relative advantages instead of absolute advantages.The US dollar has remained relatively strong and resilient.The US has taken advantage of the international community’s dependence on the dollar and hijacked the global market with dollar assets,successfully covering up its problems during the COVID-19 pandemic.Other major reserve currencies have faced major obstacles in the development process,and the derivative forms of emerging currencies have major defects,which do not pose an urgent challenge to the status of the US dollar.

Current Status on Onshore Petroleum internal Audit

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Internal Drivers and the Specialization Status of Under-developed Countries: Evidence from China's High-tech Industry

This study incorporates value-added ratio （VAR） and productivity into the analytical framework of intra-product specialization （IPS） as a globally comparable index for international specialization status （ISS）, to analyze the effect of domestic technological innovation, labor force investment, capital investment and foreign direct investment （FDI） spillovers on the ISS of developing countries. It also tests the effects empirically against the data from Chinese high-tech industries and enterprises. The results show that domestic technological innovation and the improved coordination of material capital and human capital are key internal drivers in the improvement of the ISS of Chinese high-tech industries, whereas FDI spillovers play a relatively limited role therein. Therefore, the key to China＇s industry upgrading is to tap and nurture the internal motive forces rather than to rely on FDI spillovers.

Recent advances in the neural regulation of feeding behavior in adult Drosophila

The ability to maintain metabolic homeostasis is a key capability critical for the survival and well-being of animals living in constantly changing environments.Metabolic homeostasis depends on neuromodulators,such as biogenic amines,neuropeptides,and hormones,to signal changes in animals’ internal metabolic status and to orchestrate their behaviors accordingly.An important example is the regulation of feeding behavior by conserved molecular and cellular mechanisms across the animal kingdom.Its relatively simple brain coupled with well-characterized genetics and behavioral paradigms makes the fruit fly Drosophila melanogaster an excellent model for investigating the neuromodulatory regulation of feeding behavior.In this review we discuss the neuromodulators and neural circuits that integrate the internal physiological status with external sensory cues and modulate feeding behavior in adult fruit flies.Studies show that various specific aspects of feeding behavior are subjected to unique neuromodulatory regulation,which permits fruit flies to maintain metabolic homeostasis effectively.