CCTV: U.S. sanctions on Russia intensified the process of dedollarization in the world
Sanctions “financial bomb” of the U.S., intended for Russia, has caused a sharp reaction of the world, because of which the U.S. monetary system was threatened, according to a material of the Chinese TV channel CCTV.
“America’s declining status in trade is an objective result of the development of global market competition. However, due to pressure, the U.S. has begun practicing trade protectionism and promoting a wave of ‘anti-globalism,'” the article notes.
According to CCTV, the decline of the U.S. status in international trade means that the dollar has lost its indispensability, and with its protectionist measures Washington is only pushing other countries to reduce the use of U.S. currency.
Meanwhile, the decline in global dollar reserves that began in 2017 has “taught the U.S. nothing,” and relying on its dominant position, it has gone even further and turned the financial system into a “weapon.”
“In February 2022, the U.S. announced that it would ban some Russian banks from using the SWIFT international settlement system. However, even the blow of this “financial bomb” did not make Russia collapse – it had been preparing to get rid of the dollar for a long time,” notes CCTV.
Countries that dared not act openly for fear of retaliation from Washington have realized at least two things. “First, assets in dollars are a time bomb that the United States can use to attack other countries at any time. Second, retaliation by the United States can be survived,” the piece points out.
As a result, countries will strengthen their autonomy and actively seek to diversify assets to ensure their own economic security. “The ‘last layer of paper’ supporting the dollar has been breached, and dedollarization is sweeping the planet,” CCTV concludes.