If Russian banks lose the right to use US dollars and other accounts of western financial institutions and cannot trade in these accounts, other countries may be affected and give up US dollars to buy gold. Take China, which has the largest foreign exchange reserves in the world, as an example (as of June this year, the foreign exchange reserves were about 3.2 trillion US dollars). However, in recent years, China has been seeking diversification of foreign exchange reserves. Judging from the recent actions, the motivation for doing so is even greater.
After the dispute between Russia and Ukraine, the Russian central bank's foreign exchange reserves in the Federal Reserve, the Bank of England, the Bank of Canada and the European Central Bank were frozen. Xing Yuqing, an economist in China, said? Freezing the assets of the Russian central bank will definitely make other countries consider diversifying their assets and reducing their dollar assets. ? Kald, the former global chief economist of Standard & Poor's, also said? From the perspective of economy and financial market, this action of the United States is short-sighted and counterproductive.
It will weaken the international role of the US dollar, provide strong support for China, Russian and other countries, and reduce their dependence on the US dollar in international trade, finance and banking. As early as 1992, Russia firmly instilled western economics through the United Nations, and the United States and American experts gave a loophole. As early as 1992, under the guidance of American experts, Russia adopted? Shock therapy? Economic reform measures: fully liberalize prices and remove restrictions on income growth; We will implement a tight monetary policy, at the same time increase taxes and reduce fiscal expenditure.