In recent years, the U.S. dollar’s dominant role in the global economy is facing unprecedented challenges. For decades, the dollar has maintained its status as the world’s primary reserve currency through a ‘petrodollar–U.S. Treasury bond’ cycle: countries sell oil and other commodities priced in dollars and then reinvest those dollars into U.S. government debt, creating a continuous capital inflow. However, this cycle is now undergoing structural shifts. On one hand, many nations are promoting local-currency settlements to reduce reliance on the dollar—evident in initiatives like BRICS’ push for trade in national currencies. On the other, soaring U.S. fiscal deficits and mounting national debt are eroding global confidence in dollar-denominated assets. Geopolitical tensions are further accelerating efforts by some countries to diversify foreign exchange reserves, increasing holdings of gold and non-dollar assets. While the Federal Reserve’s aggressive interest rate hikes have temporarily bolstered the dollar, they’ve also intensified global financial instability, triggering capital outflows and debt distress in emerging markets. Together, these forces signal a turning point in the dollar’s global circulation, potentially paving the way for a multipolar international monetary system where currencies like the renminbi and the euro could play more significant regional and global roles.
近年来，美元在全球经济中的主导地位正面临前所未有的挑战。长期以来，美元通过‘石油-美元-美债’三角循环机制维系其全球储备货币地位：各国出口石油等大宗商品以美元计价，再将所得美元投资于美国国债，形成资金回流。然而，这一循环正遭遇结构性转变。一方面，多国推动本币结算，减少对美元依赖，如金砖国家加强本币贸易安排；另一方面，美国财政赤字高企、债务规模膨胀，削弱了全球对美元资产的信心。此外，地缘政治紧张促使部分国家加速外汇储备多元化，增持黄金或其他非美元资产。美联储激进加息虽短期支撑美元，却也加剧全球金融不稳定，引发新兴市场资本外流与债务风险。这些因素共同推动美元全球大循环进入转折点，未来国际货币体系或将呈现多极化格局，人民币、欧元等货币或在区域和全球层面扮演更重要角色。
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