Opportunities and Challenges of Deepening Monetary and Financial Cooperation between China and Latin America under De-dollarization
Against the backdrop of the intensifying global financial crisis,the hegemonic credit system of the US dollar has been declining,and countries have begun to set off a trend of de-dollarization.The accelerated rise of RMB has provided the world with an alternative currency,and large emerging economies in Latin America,such as Brazil and Argentina,have taken the lead in signing currency swap agreements with China,deepening the monetary and financial cooperation between China and Latin America.After the Latin American left wing came to power,it restarted the Latin American integration and unified currency process,which deepened the cooperation between China and Latin America in the field of economy and trade,and created a favorable political atmosphere for the monetary and financial cooperation between the two sides.Coupled with the rapid development of digital currencies of the central banks of China and Latin America,it has provided strong technical support for financial cooperation,which has led to many opportunities for China-Latin America currency swap cooperation.However,as the hegemonic system of the US dollar is still relatively stubborn,it is impossible to eliminate the influence of the US dollar on the world in a short period of time;China's domestic financial market is still relatively closed,which makes it difficult to realize the free flow of the RMB in the international arena;and exchange rate fluctuations in Latin America are large,which increases the chances of financial risks,so that deepening the cooperation between China and Latin America in the field of currency and finance is still facing certain challenges.In order to further promote the use of RMB in Latin America,China should take the Belt and Road Initiative and the construction of the free trade zones as the basis,strengthen cooperation with Latin American countries in the field of economy and trade,improve the financial risk control under the currency swap,deepen the reform of the domestic financial system,expand the scale of offshore RMB,and promote China-Latin America monetary and financial cooperation to a new level.
Latin AmericaDe-dollarizationCurrency swapCentral bank digital currency
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