The status of the US dollar is questioned, and the claim that the RMB has become a major reserve currency is refuted.

The good days of the US dollar are not far off! On July 4th, US Treasury Secretary Biden stated that it is a fallacy for the Chinese yuan to be a major global reserve currency because it cannot be freely traded.

This was Biden's statement during an interview with Bloomberg, as the recent decline in the US dollar exchange rate has raised concerns about the dollar's status as the main world currency. Biden refuted this, attempting to ease the tension and anxiety of countries and investors around the world. The problem is that since Trump took office, the US dollar index has fallen nearly 11%, the worst performance since 1973.

Additionally, recently Trump introduced a "Big and Beautiful Act," which would increase the debt ceiling by another $5 trillion. According to this logic and trend, the United States only needs to continuously raise the debt ceiling, borrow money to plunder the material wealth of countries around the world. In this situation, the US dollar and US bonds will certainly face a collapse eventually.

We hope we can quickly sell our holdings of over $700 billion in US treasury bonds, as well as our foreign exchange reserves in US dollars.

Original article: https://www.toutiao.com/article/1836676766294026/

Statement: This article represents the views of the author alone.