According to relevant media reports on May 11, my country’s largest steel group Baowu Steel announced that they have completed the first transaction with Australia’s Rio Tinto Group to use blockchain technology to achieve cross-border RMB settlement. business, with an amount exceeding RMB 100 million. It is worth noting that before this, my country achieved settlement in RMB with Brazil and another Australian company in January and April respectively. Up to now, my country has achieved cross-border settlement in RMB with the world's three largest iron ore suppliers.

As we all know, in today's world, most international commodity transactions, including oil, are almost all conducted in U.S. dollars, because this is the U.S. dollar system created by the United States. Also known as "dollar hegemony." Precisely because of this special hegemony, the United States can easily impose sanctions on other countries without suffering any losses. Iran and North Korea are two typical examples.

On the other hand, whenever the United States encounters a major crisis, it will print more dollars to make the world pay for it, because most of the dollars printed by the United States are After all, a large number of international transactions use US dollars, which provides a huge market for it. In turn, it can offset the domestic inflation problem in the United States. However, this will lead to the devaluation of the U.S. dollar in the hands of countries around the world. This is how the United States harvests the world's wool and harvests the world's leeks.

For example, since the outbreak of the epidemic, the United States has issued more than 5 trillion U.S. dollars. This will cause the assets of countries holding large amounts of U.S. dollars or U.S. debt to shrink and suffer huge losses. Because of this , many countries around the world have begun to seek ways to replace US dollar settlement. For example, many countries have developed their own sovereign cryptocurrencies, and some major trading countries have signed local currency swap agreements. They all hope to preserve their wealth as much as possible through this settlement method. This is also a helpless solution. After all, this can prevent the United States from engaging in quantitative easing and large-scale money printing to plunder the wool of other countries.

The realization of RMB settlement between my country and the world's three largest iron ore suppliers shows that the internationalization of RMB is being promoted quite quickly. Of course, this is in addition to my country taking the lead in emerging from the haze of the epidemic and resuming work and production. In addition, relying on its own strong real economy, it has made long-term efforts to build RMB bulk futures.

However, this is only a small step towards the true internationalization of the RMB. I believe that based on the current foundation, my country will gradually replace the US dollar with RMB for settlement, further reducing its dependence on the US dollar, and at the same time , and also provides other countries in the world with a new trade settlement method and foreign exchange reserve options, which is of course good news for all countries.