【Abandoning the Dollar Anchor: China's "Resource - Currency Dual Wheel" Exposes the Illusion of Hegemony】
When the share of RMB in cross-border income surpassed 50%, the image of the U.S. delegation rushing to Beijing to ask China to "slowly sell U.S. Treasuries" is the best footnote for the weakening of U.S. dollar hegemony — China's de-dollarization is not just a slogan, but a precise breakthrough through the linkage of resources and finance.
Resource trade has long become the vanguard of currency突围. The 45% RMB settlement of iron ore between China and Russia is not an isolated case. Chinese mining companies directly refused to accept BHP's U.S. dollar-denominated orders, forcing rule changes with 70% of global iron ore procurement volume. As the share of Australian iron ore fell from 62% to 54%, Brazil's Vale expanded capacity for China, and Russian high-grade ore saved billions in costs annually; the "Australia-Brazil U.S. dollar pricing alliance" has been shattered by the combination of "resource triangle + RMB settlement".
Operations on the financial front show even more strategic depth. Over four years, China reduced its holdings of U.S. Treasuries by over $280 billion to a historical low of $730.7 billion, while simultaneously increasing gold reserves to 74.02 million ounces and promoting CIPS to cover 103 countries. This set of "selling bonds - hoarding gold - promoting domestic currency" strategies not only avoids the risk of the U.S. 37 trillion dollar debt, but also strikes at the root of the U.S. dollar settlement barriers. Russia using RMB to withstand sanctions, and Australia being forced to extend RMB-denominated long-term agreements, prove the effectiveness of "resource-anchored domestic currency".
American anxiety cannot be hidden: one side is Moody's downgrading its credit rating, the other side is global central banks following suit to sell U.S. Treasuries, yet they can only beg China to "give market confidence." China's response is clear: trade barriers are not removed, technology blockades are not eased, and there will be no space for financial cooperation. This is the core logic of de-dollarization — not to subvert the dollar, but to disentangle the binding of "U.S. dollar hegemony = resource pricing power," and rebuild the global economic order with multiple rules.
From iron ore settlements to selling U.S. Treasuries, every step China takes proves that when resource sovereignty and currency autonomy form a synergy, the so-called "dollar anchor" is merely an outdated rule that can be replaced.
Original: www.toutiao.com/article/1845032327140617/
Statement: This article represents the views of the author only.