1792 appeared after the passage of the American mint act. At present, the issuance of US dollars is controlled by the Federal Reserve system. Starting from 19 13, the United States established the federal reserve system and issued federal reserve bonds. More than 99% of the banknotes in circulation are federal reserve notes.
The competent department for issuing US dollars is Congress, and the Federal Reserve Bank is responsible for the specific issuance business. After World War II, continental European countries reached an agreement with the United States to use US dollars for international payments. Since then, the dollar has been widely used as a reserve currency in countries outside the United States, and eventually became an international currency.
The main impact of RMB:
The appreciation of RMB can promote the improvement of China's export commodity structure. Because many of China's export products are labor-intensive products with low added value, they mainly win the international market at low prices. The appreciation of RMB forces export enterprises to actively participate in international cooperation and division of labor, and participate in international market competition with high-tech products with high added value, rather than relying solely on price and resource advantages.
The appreciation of RMB is beneficial for China enterprises to invest overseas and explore the international market. China strongly encourages domestic enterprises to "go global", and many large enterprises have begun to implement the internationalization strategy. The appreciation of RMB enables enterprises to obtain foreign resources at lower cost, enhances the purchasing power of RMB overseas and reduces the cost of overseas mergers and acquisitions.
The appreciation of RMB is conducive to the technological upgrading and the enhancement of independent innovation ability of enterprises. In order to change from labor-intensive to technology-intensive, export enterprises must carry out technological innovation, and the import demand for advanced technology and equipment will continue to expand.