[20210723]IF11885_中国和俄罗斯的去美元化努力.pdf

https:/crsreports.congress.gov July 23, 2021De-Dollarization Efforts in China and RussiaFor more than a decade, China and Russia have sought to reduce their use of the U.S. dollar, or “de-dollarize” their economies, in an effort to shield their economies from U.S. sanctions, reduce exposure to the effects of U.S. economic and monetary policy, and assert global economic leadership. While China and Russia have somewhat reduced their dollar use, both countries, as do most countries, still rely heavily on the dollar. China holds significant dollar reserves, and does not allow its currency, the renminbi (RMB), to be traded freely in foreign exchange markets. This limits the RMBs use in cross-border transactions and has constrained Chinas broader de-dollarization efforts. Russias ruble is not widely used abroad, and global energy markets (Russias main exports) are traditionally denominated in dollars. Over time, however, if de-dollarization efforts gain traction, there could be implications for the U.S. economy, U.S. sanctions, and U.S. global economic leadership. The Global Role of the U.S. Dollar The dollar has served as the worlds dominant reserve currency since World War II. A reser