“The declining status of America in trade is an objective result of the development of global market competition. However, due to pressure, the US began to practice trade protectionism and promote a wave of “anti-globalism”,” the article notes. According to CCTV, the fall of the US status in international trade means that the dollar has lost its indispensability, and with its protectionist measures, Washington is only pushing other countries to reduce the use of the US currency.

At the same time, the decline in world dollar reserves that began in 2017 “taught” the United States nothing, and, relying on their dominant position, they went even further and turned the financial system into a “weapon”.

“In February 2022, the United States announced that it would ban some Russian banks from using the SWIFT international settlement system. However, even the blow of this “financial bomb” did not make Russia collapse – it had been preparing to get rid of the dollar for a long time,” CCTV notes. Countries that dared not act openly for fear of retribution from Washington realized at least two things. “First, dollar assets are a time bomb that the United States can use to attack other countries at any moment. Secondly, revenge from the United States can be experienced, ”the material says.