In recent years, as the United States gradually implements a policy of strategic retrenchment in global affairs, its dominance over the international order has somewhat diminished. This shift is not only reflected in adjustments to military deployments and a reorientation of diplomatic priorities but also profoundly affects the U.S. dollar’s status as the world’s primary reserve currency. On one hand, the U.S. is reinforcing economic ties with allies through ‘friend-shoring’ and supply chain realignment, aiming to sustain dollar influence while reducing global intervention. On the other hand, geopolitical tensions, persistently high fiscal deficits, and volatile Federal Reserve monetary policies are eroding global confidence in dollar-denominated assets. Meanwhile, many countries are accelerating efforts toward de-dollarization and local-currency settlements—examples include BRICS nations expanding trade in their own currencies and Middle Eastern oil exporters exploring non-dollar transactions. Although the dollar is likely to retain its dominant role in the short term due to deep financial markets, institutional strengths, and path dependency, its global standing could gradually weaken in the long run if the U.S. continues prioritizing domestic concerns over international cooperation, potentially ushering in a more multipolar monetary system.
近年来，随着美国在全球事务中逐步实施战略收缩政策，其对国际秩序的主导力有所减弱。这种转变不仅体现在军事部署的调整和外交重心的转移上，也深刻影响着美元作为全球核心储备货币的地位。一方面，美国通过“友岸外包”（friend-shoring）和供应链重组强化与盟友的经济纽带，试图在减少全球干预的同时维系美元影响力；另一方面，地缘政治紧张、财政赤字高企以及美联储货币政策的剧烈波动，正削弱各国对美元资产的信任。与此同时，多国加速推动本币结算和去美元化进程，如金砖国家扩大本币贸易、中东产油国探索非美元交易等，进一步挑战美元霸权。尽管短期内美元仍因市场深度、制度优势和惯性效应保持主导地位，但长期来看，若美国持续内顾、忽视国际合作，美元的全球角色或将逐步弱化，世界可能迈向更加多元化的货币格局。
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