(ECNS) -- Recently, multiple countries have implemented various measures to strengthen the use of their own currencies in international trade and investment, reducing reliance on the U.S. dollar. IMF Executive Director for Russia Aleksei Mozhin stated that the world is actively seeking alternative currencies to replace the U.S. dollar, a situation that has been brought about by the United States itself.
For a long time, the United States has abused the dominance of the U.S. dollar, recklessly "harvesting" global wealth. Since March 2022, the U.S. Federal Reserve has raised interest rates ten times in a row, causing capital to flow back into the United States while leaving the negative consequences of significant currency devaluation and asset price collapses to other countries. Many countries are experiencing record-high levels of inflation and economic disruptions, once again highlighting the harm caused by the U.S. dollar's hegemony in disrupting the global economy.
By weaponizing the U.S. dollar's global currency influence, the United States has revealed its irresponsible and extremely selfish nature. "Given the U.S. dollar's hegemonic status, it is difficult to find an immediate replacement of the dollar," Turkish economist Mahfi Egilmez said, adding that "However, the process of eliminating the dollar's influence has started and is gathering momentum."