Recently, as the U.S. dollar faces mounting pressure on its credibility and a growing global trend toward de-dollarization, the United States is attempting to shore up its monetary hegemony through four strategic moves: First, strengthening financial cooperation with allies and promoting ‘friend-shoring’ to reinforce the dollar-based settlement system; second, leveraging the Federal Reserve’s monetary policy tools—such as interest rate hikes or cuts—to manage market confidence; third, expanding overseas issuance of U.S. Treasury securities to attract sovereign wealth funds and foreign central banks to continue holding dollar-denominated assets; and fourth, advancing research and development of a digital dollar to secure influence in the emerging landscape of central bank digital currencies (CBDCs). However, the effectiveness of these measures remains uncertain. On one hand, geopolitical tensions and America’s persistently high fiscal deficits are eroding global confidence in the dollar’s long-term stability. On the other hand, many countries are accelerating efforts to diversify reserves and settle trade in local currencies—examples include BRICS nations promoting intra-bloc currency trade and Middle Eastern oil exporters accepting non-dollar payments. Unless the U.S. addresses fundamental issues like unsustainable debt and political polarization, technical fixes alone may not reverse the erosion of dollar credibility. Thus, while these four strategies reflect clear intent, their success hinges on resolving deeper structural challenges both domestically and internationally.
近期，面对美元信用持续承压、全球去美元化趋势抬头，美国正试图通过四招棋来稳固其货币霸权地位：一是强化与盟友的金融合作，推动“友岸外包”（friend-shoring）以巩固美元结算体系；二是利用美联储货币政策工具，通过加息或降息调节市场信心；三是扩大美债海外发行，吸引主权财富基金和外国央行继续持有美元资产；四是推动数字美元研发，抢占未来数字货币话语权。然而，这些举措能否奏效仍存疑。一方面，地缘政治紧张和美国财政赤字高企削弱了外界对美元长期稳定的信心；另一方面，多国正加速本币结算和储备多元化，如金砖国家推动本币贸易、中东产油国接受非美元支付等。若美国无法解决自身债务不可持续、政治极化等问题，仅靠技术性手段恐难根本扭转美元信用下滑趋势。因此，这四招虽具战略意图，但效果取决于内外部结构性矛盾的缓解程度。
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