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The following article was published in our article directory on December 14, 2010.
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Multipole Economic and Multiple Currency

Article Category: Business Management

Author Name: xia zihui

Bretton Woods system after World War II the U.S. dollar hegemony has been established to rule the world economy over half a century, but since 2008 the international financial crisis erupted, the U.S. dollar hegemony has been widely questioned, and history has come to change this unreasonable the crossroads of the international financial order.

For a long time, the U.S. dollar hegemony implemented, supported by its high consumption of junk currency, high trade deficit and high debt burden not only their own economy, but also the world economy into recession. After the financial crisis, the United States for their own interests, ignoring its international reserve currency issuing countries and the U.S. dollar as the international exchange rate system "stability anchor" the responsibility of the dollar depreciation. Such an irresponsible monetary policy is not conducive to the healthy development of world economy and sustained recovery.

The international financial crisis, the target of criticism against the U.S. hegemony after another. Royal Institute of International Affairs, commented on this, although with the economic strength of the U.S. dollar hegemony will continue for some time, but now is to design a multi-currency system of the time. French President Nicolas Sarkozy that the currency of a country dominated by the international monetary system in the face of today's multipolar world, inconsistent, and he called for the establishment could not help individual countries dominated international reserve currency system to promote the overall stability of the international monetary system. Russia proposed the creation of a new global reserve currency, the idea gained in Brazil, India, South Africa and other emerging economies for their support. International Monetary Fund, Michel Camdessus, former president suggested the international monetary system SDR as the center should be the direction of healthy transition.

Historically, the dollar has not always been dominant, changes in the international monetary system reflects the changes in world economy. Second World War, the U.S. economy accounts for the proportion of the world economy has more than 50% in 2000 down to 30.6% in 2007 and further dropped to 25.4%. Multi-polarization multi-polar world economy as the basis for the currency. With the development of a number of emerging economies, the international monetary system will accelerate the move to multi-center.

Although the early 70s of last century after the collapse of the Bretton Woods system, dollar remains as the world's major reserve currency, the dollar in official foreign exchange reserves and international trade continued to decline in the share of settlement, the euro's share in international reserves has risen to about 30% RMB some Asian countries have gradually become popular currency transactions. This year, the International Monetary Fund, the importance of the global system stability with the top five economies as the U.S., UK, Eurozone, China and Japan, which may herald a new international monetary system of the prototype.

It should be noted that in the transition to multi-currency system of consensus, the United States remains the world's number one economic power, the dollar is still the major international currencies. Reform of the international monetary system, although not a new topic, but reform has never been urgent. The international community should summit by the Group of Twenty, the International Monetary Fund and World Bank annual meetings and other platforms, and common efforts to promote international monetary system reform process.

Keywords: Tool Cart Manufacturer, Roller Cabinet, Tool Chest,

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