Some Chinese journalists suppose that the US dollar is the key reason why the US is losing its dominance. In recent years, the White House has used the national currency as a political tool each time causing a new wave of de-dollarization.
Chinese edition Global Times has published a new article devoted to the end of the US hegemony. According to the article, Washington is approaching the end of its dominance by using the national currency as “a tool of political blackmail and coercion.” “By weaponizing its dollar hegemony, the US can not only arbitrarily impose unilateral sanctions on other countries, but can also harvest global wealth and export its own risks to the rest of the world through irresponsible monetary policies,” the article reads. Analysts suppose that it is “the US itself that sets off the inevitable trend of the end of the dollar dominance.” In this light, most countries are searching for a currency that may replace the greenback. The White House is forcing them to take such measures by threatening to impose a new package of sanctions. “The more the US adopts hegemonic means to achieve its purposes, the more eager the international community will be to get rid of the excessive reliance on the dollar. Countries around the world have been seeking to replace the SWIFT system to avoid US monetary coercion, and the momentum has become increasingly obvious and strong.”
