As we all know, most international commodities, including oil, are traded in dollars, because this is the dollar system created by the United States. Also known as "dollar hegemony." It is precisely because of this special hegemony that the United States can easily launch sanctions against other countries without any loss. Iran and North Korea are two typical examples.
On the other hand, whenever the United States encounters a major crisis, it will make the world pay for it by printing dollars, because most of the dollars printed by the United States are put on the international market. After all, a large number of international transactions use dollars, which provides a huge market for it. And then it can offset the inflation problem in the United States. However, this will lead to the depreciation of the dollar in the hands of countries around the world. This is how the United States gathers the wool of the world and cuts the leeks of the world.
For example, since the outbreak of the epidemic, the United States has continuously issued more than 5 trillion US dollars, which will cause the assets of countries holding a large amount of US dollars or US debts to shrink and suffer huge losses. It is precisely because of this that many countries in the world have begun to seek ways to replace the dollar. 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 keep their wealth as much as possible through this settlement method. There is no way. After all, it can prevent the United States from engaging in quantitative easing on a large scale and printing money on a large scale to win the wool of various countries.
The RMB settlement between China and the world's three major iron ore suppliers shows that the internationalization of RMB is quite fast. Of course, this is in the case that China took the lead in getting out of the epidemic haze and realizing the resumption of work and production. In addition, relying on its strong real economy, it has made long-term efforts to build RMB bulk futures.
However, this is only a small step in the real internationalization of the RMB. I believe that on the current basis, China will gradually replace the US dollar for settlement, further reducing its dependence on the US dollar. At the same time, it also provides a new way of trade settlement and choice of foreign exchange reserves for other countries in the world, which is of course good news for all countries.