It's not 1973 mentioned upstairs, but a long time ago, for example, Spain and Britain abandoned the full reserve system a long time ago.

The full reserve system refers to how much gold and silver a country has, and how much legal tender is issued for alternative circulation, but generally speaking, these banknotes can be exchanged with enough gold and silver.

However, since the United States abolished the gold standard in the 1990s, the US dollar has become an international settlement tool. The US dollar itself is issued with US Treasury bonds as collateral (and some financial leverage), so the rise and fall of the US dollar is actually a global test of whether the US can repay the national debt in the future, that is, whether the US economy is good enough and whether people have enough money to pay taxes.

By the way, don't think that China is rich now. In fact, China's foreign exchange reserves only account for a small part of the US dollar national debt. A large part of US dollar treasury bonds are the basic tools of financial derivatives.

So upstairs, do you think China can become a world power by virtue of China's so-called "cheap labor" with a floating exchange rate? I won't say much about the Chinese New Year.

The above is handmade, give some points. .