Financial Hegemony and Its Effects from the Perspective of Lenin’s Theory of Imperialism

Since the beginning of 2022, the Federal Reserve’s continuous interest rate hikes and the US-Western sanctions against Russia have triggered violent turbulence in international financial markets, bringing new challenges to global economic stability and the international order. Many countries have experienced sharp currency depreciation, while some developing nations have faced problems such as capital outflows, rising debt service costs, and intensified imported inflation; a few have even fallen into currency or debt crises. This has also made people more aware of the profound impact of rampant financial hegemony. How has financial hegemony become a sharp weapon for plundering global wealth? What deep-seated effects will it produce? These questions require us not only to understand financial hegemony itself but also to explore its underlying roots from Lenin’s theory of imperialism.

2022年年初以来，美联储持续加息以及美西方对俄制裁引发国际金融市场剧烈动荡，给全球经济稳定和国际秩序带来新的挑战。许多国家货币急剧贬值，一些发展中国家出现资本外流、偿债成本上升、输入性通胀加剧等问题，部分国家甚至陷入货币或债务危机。这也让人们进一步认识到金融霸权肆虐的深刻影响。金融霸权何以能成为掠夺全球财富的利器？它将产生哪些深层次影响？这些问题不仅需要我们了解金融霸权本身，更要从列宁的帝国主义论中探寻其背后的根源。

I. The Institutional, Military, and Technological Foundations of Contemporary Financial Hegemony

一、当代金融霸权的制度、军事和技术基础

Financial hegemony is the ability of a hegemonic state, by virtue of its dominant and privileged position in the international monetary system, to impose its own principles or rules throughout the system and thereby obtain hegemonic profits. Historically, before the First World War, countries such as Britain also wielded financial hegemony, but its influence and capacity to plunder wealth were in no way comparable to the financial hegemony that emerged after the Second World War. The reason for this, aside from strong military and technological strength, is closely related to the formation of finance capital and financial oligarchs as discussed in Lenin’s theory of imperialism.

金融霸权是霸权国凭借其在国际货币体系中的主导和优势地位，将自己的原则或规则在整个体系内推行，并由此获得霸权利润。从历史上看，在第一次世界大战前，英国等国家也曾使用过金融霸权，但其影响力与掠夺财富的能力完全不能与第二次世界大战后的金融霸权相提并论。究其原因，除了强大的军事和技术实力外，与列宁帝国主义论中所提出的金融资本和金融寡头的形成具有重要关联。

(1) The Domination of Finance Capital Enables Countries with Financial “Strength” to Gain Hegemonic Status

（一）金融资本的统治使拥有金融“实力”的国家获得霸权地位

As capitalism developed from free competition to the monopoly stage, bank capital and industrial capital became increasingly intertwined, gradually merging into finance capital in the process of pursuing profit. Compared with other forms of capital, finance capital possesses incomparable advantages. Domestically, finance capital controls the majority of the country’s funds through means such as the participation system [1]1 The participation system (参与制) refers to a method by which financial oligarchs control a vast network of enterprises by holding a controlling stake in a parent company, which in turn holds stakes in subsidiaries, and so on, creating a pyramid of control with a relatively small amount of capital., extending the tentacles of monopoly capital into every corner. Internationally, through capital export, the financial groups of imperialist countries use their monopoly advantages to plunder global wealth, and a handful of imperialist countries rely on methods such as “clipping coupons” [2]2 “Clipping coupons” (剪息票) is a term used by Lenin to describe the income of the rentier class, who live on interest and dividends from bonds and stocks, without engaging in any productive activity. to extract the world’s wealth. Regarding the role of finance capital in plundering wealth, Lenin described it in *Imperialism, the Highest Stage of Capitalism*: “Finance capital, concentrated in a few hands and enjoying a virtual monopoly, exacts enormous and ever-increasing profits from the flotation of companies, issue of stock, state loans, etc., strengthens the domination of the financial oligarchy and levies a tribute on the whole of society for the benefit of the monopolists.”

随着资本主义由自由竞争向垄断阶段的发展，银行资本和工业资本的联系日益紧密，在追逐利润的过程中日益融合成为金融资本。相对于其他形式的资本，金融资本具有无可比拟的优势。在国内，金融资本通过参与制等方式支配着全国大部分资金，使垄断资本的触角伸向各个角落。在国际上，通过资本输出，帝国主义国家的金融集团利用其垄断优势攫取全球财富，极少数帝国主义国家依靠“剪息票”等方式实现对世界财富的榨取。对于金融资本在掠夺财富方面的作用，列宁曾在《帝国主义是资本主义的最高阶段》中描述道，“集中在少数人手里并且享有实际垄断权的金融资本，由于创办企业、发行有价证券、办理公债等等而获得大量的、愈来愈多的利润，巩固了金融寡头的统治，替垄断者向整个社会征收贡赋。”

The development of finance capital catered to the needs of monopoly capital. For industrial capital, its valorization must be realized through the production process and the transformation of value and use value. For finance capital, however, it not only controls more industrial capital through the fusion of bank capital and industrial capital, but also generates income through speculative trading assets, i.e., financial securities, thereby pushing the general characteristics of capitalism to the extreme. This characteristic is “the separation of the ownership of capital from its application to production, the separation of money capital from industrial or productive capital, the separation of the rentier, who lives entirely on the income from money capital, from the entrepreneur and from all those directly involved in the management of capital.” This feature of finance capital also enables it to break through the limits of industrial capital’s valorization, allowing financial oligarchs to extract profits to a greater extent. The incomparable advantage of finance capital over other forms of capital means that, in the imperialist stage, finance capital begins to occupy a dominant position. From an international perspective, through capital export, finance capital becomes “a great force, one might say the decisive force, in all economic and international relations, a force that is capable of dominating and indeed does dominate even states that are politically fully independent.” Consequently, the domination of finance capital means that a small number of countries with financial “strength” occupy a special status different from all other countries; it is precisely this special status and power that endows these countries with financial hegemony.

金融资本的发展迎合了垄断资本的需要。对于产业资本来说，其增殖必须通过生产过程以及价值和使用价值的转换来实现。而对于金融资本来说，不仅通过银行资本和工业资本的融合控制着更多的产业资本，还通过投机性交易资产即金融证券等来创造收入，从而将资本主义的一般特性发挥到了极致。这种特性就是“资本的占有同资本在生产中的运用相分离，货币资本同工业资本或者说生产资本相分离，全靠货币资本的收入为生的食利者同企业家及一切直接参与运用资本的人相分离”。金融资本的这一特点也使得其突破了产业资本增殖的限制，使金融寡头能够在更大程度上实现对利润的榨取。而金融资本相对于其他形式的资本所具有的这种无可比拟的优势，也就意味着在帝国主义阶段，金融资本开始占据统治地位。从国际范围内来看，通过资本输出，金融资本成为“一种存在于一切经济关系和一切国际关系中的巨大力量，可以说是起决定作用的力量，它甚至能够支配而且实际上已经支配着一些政治上完全独立的国家”。因而，金融资本的统治也就意味着少数拥有金融“实力”的国家处于和其余一切国家不同的特殊地位，正是这种特殊地位和力量使得这些国家拥有了金融霸权。

(2) The Development and Strengthening of Financial Hegemony after the Second World War

（二）第二次世界大战后金融霸权的发展与强化

After the Second World War, the development of monopoly, especially financial monopoly, constituted the institutional foundation of US financial hegemony. At the same time, the development of US military and technological strength enabled the consolidation of financial hegemony.

在第二次世界大战后，垄断尤其是金融垄断的发展构成了美金融霸权的制度基础。同时，美国军事与科技力量的发展，使金融霸权得以巩固。

First, the development of financial monopoly strengthened financial hegemony. After the Second World War, especially after the 1970s, the scale of finance capital expanded increasingly, becoming the main form of monopoly capital. Huge financial conglomerates not only deepened their control over industrial capital but also accumulated a more solid foundation for their external expansion and plunder. For example, the Rockefeller Group in the United States, through the more than one hundred financial institutions it controlled, such as Chase Manhattan Bank, Chemical Bank of New York, Metropolitan Life Insurance Company, and Equitable Life Assurance Society, directly or indirectly controlled many industrial and mining enterprises, including ExxonMobil, ChevronTexaco, BP, Boeing, and Westinghouse Electric, thereby realizing the control of industrial capital by finance capital. The profits of financial enterprises also rose rapidly; the share of US financial enterprises’ total profits in total domestic profits increased from 13.76% in 1967 to 28.81% in 2017, while the share of manufacturing profits fell from 52.15% to 22.5% over the same period. With strong capital support, the tentacles of financial hegemony radiated from the domestic sphere to various fields on an international scale.

首先，金融垄断的发展使金融霸权得以强化。第二次世界大战后，尤其是20世纪70年代后，金融资本的规模日益扩大，成为垄断资本的主要形态。规模巨大的金融财团不仅进一步加深了对产业资本的控制，也为其对外扩张和掠夺积聚了更为雄厚的基础。如美国的洛克菲勒财团，通过其控制的大通曼哈顿银行、纽约化学银行、都会人寿保险公司、公平人寿保险公司等百余家金融机构，直接或间接控制了许多工矿企业，包括埃克森美孚、雪佛龙德士古、英国石油公司、波音公司、西屋电气等，实现了金融资本对工业资本的控制。金融企业的利润也迅速提升，美国金融企业的利润总额占国内利润总额的比例从1967年的13.76%上升至2017年的28.81%，同期制造业利润占比则从52.15%下降至22.5%。在强大的资本支持下，金融霸权的触角从国内向国际范围的不同领域辐射。

Second, the powerful military strength of the United States provided support for financial hegemony. For a financial hegemonic state to forcibly impose its rules throughout the entire system, strong military strength is indispensable. After the end of the Second World War, the United States began to strengthen its global military deployment, with military tentacles spreading across the globe. It currently has approximately 750 military bases in at least 80 countries worldwide, and among the 193 member states of the United Nations, about 175 countries have US military personnel stationed. Powerful military strength not only consolidated US hegemonic status but also safeguarded financial hegemony. For instance, the United States provided security guarantees to Arab oil-producing countries such as Saudi Arabia, on the condition that the dollar must be used as the pricing currency for oil transactions. Furthermore, with the support of powerful military strength, the United States frequently conducts military interventions and launches local wars against other countries under various pretexts, such as implementing UN resolutions, maintaining peace, providing humanitarian assistance, opposing aggression, and protecting the lives and property of US citizens. This not only means huge profits for the military industry and massive orders during post-war reconstruction but also implies a huge inflow of capital into the United States, achieving the goals of stimulating the domestic economy and maintaining financial hegemony. For example, the invasion of Iraq caused the net inflow of US finance capital to surge from $54.2 billion in the fourth quarter of 2002 to $86.6 billion in the first quarter of 2003; after the war ended, Iraq’s oil exports also switched back from the euro to dollar settlement. After the outbreak of the war in Afghanistan, the Dow Jones stock index quickly rebounded, rising more than 600 points in a single day, and a large amount of dollars flowed back to the United States.

其次，美国强大的军事力量为金融霸权提供了支撑。金融霸权国要将自己的规则在整个体系内强制推行，离不开强大的军事实力的支撑。二战结束后，美国开始加强在全球的军事部署，军事触角遍布全球，目前在世界上至少80个国家拥有约750个军事基地，在联合国193个会员国中，约175个国家有美军人员驻扎。强大的军事力量既巩固了美国的霸权地位，也维护了金融霸权。如美国向沙特等阿拉伯产油国承诺安全保障，条件是必须把美元作为石油交易的计价货币。此外，在强大军事力量的支撑下，美国频频以执行联合国决议、维持和平、实施人道主义援助、反对侵略以及保护美国公民的生命财产安全等各种借口，对他国进行军事干预，发动局部战争。这不仅意味着军事工业的巨大利润和战后重建过程中的巨额订单，还意味着巨大的资本流入美国，实现刺激国内经济、维护金融霸权的目的。如对伊拉克的入侵使美国金融资本的净流入由2002年第四季度的542亿美元猛增为2003年第一季度的866亿美元，战争结束后伊拉克石油的出口也从欧元恢复为美元结算。而在阿富汗战争打响后，美国道琼斯股票指数迅速回升，一天之内回升600多点，大量美元回流到美国。

Third, technological monopoly and financial hegemony are combined, each serving as the foundation for the other. As early as the Second World War, the United States continuously increased its military R&D expenditure; by the end of the war, the United States had achieved a global leading position in the field of science and technology, and thereafter maintained its technological monopoly advantage by realizing revolutionary changes in high-tech fields. For a long time, the United States has achieved a comprehensive strike against competitors from the supply side to the demand side by controlling key technologies, implementing export controls, and setting restrictions on technology transactions, thereby maintaining its position as a technological hegemon, amassing enormous wealth, and providing financial hegemony with a more substantial economic base. In recent years, the United States has even adopted a “small yard, high fence” strategy [3]3 “Small yard, high fence” (小院高墙) is a U.S. national security strategy, particularly associated with export controls on advanced technology, that aims to restrict a narrow set of critical technologies (the “small yard”) while maintaining broad economic engagement, protected by high barriers (the “high fence”)., constructing so-called “technology alliances” based on “shared values” in order to seize the dominant position in global technological competition. On the basis of technological monopoly, it has also penetrated the world’s major technology companies through capital export, enabling U.S. financial capital to infiltrate them. For example, leading semiconductor companies such as Taiwan’s TSMC, South Korea’s Samsung Group, and the Netherlands’ ASML all have a considerable degree of U.S. equity participation, with nearly 50% of the equity of TSMC and ASML belonging to U.S. capital. Using financial capital to control the lifelines of related enterprises and make them submit to U.S. strategic arrangements has become an important means of maintaining its hegemony; for instance, a key factor in TSMC’s establishment of factories in the United States is its heavy reliance on the U.S. financial market to support its capital and R&D expenses.

第三，技术垄断与金融霸权相结合，二者互为依托。早在第二次世界大战期间美国就不断加大军事研发支出，在战争结束之时，美国已取得科技领域的全球领先地位，其后凭借在高科技领域实现革命性变革而保持技术垄断的优势。长期以来，美国一直通过掌控关键技术、实施出口管制、设置技术交易限制等方式实现对竞争对手从供给端到需求端的全面打击，以此维持其科技霸主地位，获取巨额财富，使金融霸权拥有更为雄厚的经济基础。近年来，美国更是采取“小院高墙”战略，构建所谓基于共同价值观的“技术联盟”，以此来攫取全球技术竞争的主导权。在技术垄断的基础上，更是通过资本输出，使美金融资本渗透进全球主要科技公司中。如中国台湾台积电、韩国三星集团、荷兰阿斯麦尔等半导体龙头企业均有相当程度美国股权参与，其中台积电及阿斯麦尔近50%股权归属美国资本。借助金融资本控制相关企业的命脉，使其服从美国的战略安排，已成为其维护霸权的重要手段，如台积电赴美建厂的重要因素就是其高度依赖美国金融市场来支撑其资本与研发费用。

II. Financial Hegemony Has Become an Important Weapon for the U.S. and the West to Implement Global Control and Plunder

二、金融霸权成为美西方实施全球控制与掠夺的重要武器

Rooted in the global domination of monopoly capital, especially financial capital, financial hegemony is increasingly becoming an important weapon for the U.S. and the West to achieve their economic and political aims. They not only use it to plunder global wealth, bringing more developing countries into their sphere of plunder and further expanding the scope of financial capital’s domination, but also employ financial hegemony to interfere in and control other countries.

植根于垄断资本尤其是金融资本的全球统治，金融霸权日益成为美西方实现经济与政治企图的重要武器。他们不仅借此攫取全球财富，将更多的发展中国家纳入其掠夺领地，使金融资本的统治范围进一步扩张，而且利用金融霸权实现对他国的干涉和控制。

(A) The Combination of Financial Hegemony with Geopolitical Objectives

（一）金融霸权与地缘政治目标相结合

In the era of traditional colonial imperialism, “the typical forms of state included not only the two main categories of states—those possessing colonies and the colonies themselves—but also various forms of dependent states, which were politically and formally independent but in fact entangled in a web of financial and diplomatic dependence.” [4]4 V. I. Lenin, *Imperialism, the Highest Stage of Capitalism* (1917), Chapter 6, “The Division of the World among the Great Powers.” Today, developed capitalist countries more often achieve this control and containment through economic means, and financial hegemony is one of their important tools.

在传统的殖民帝国主义时代，“典型的国家形式不仅有两大类国家，即殖民地占有国和殖民地，而且有各种形式的附属国，它们在政治上、形式上是独立的，实际上却被金融和外交方面的依附关系的罗网缠绕着”。而现如今，发达资本主义国家更多的是通过经济手段来实现这种控制与遏制，金融霸权则是其重要的手段之一。

Under the current international monetary system, the formulation and implementation of financial rules, financial order, and financial means are determined by financial hegemonic states such as the U.S. and the West. This enables these countries not only to possess a sharp tool for appropriating and depriving other countries of their wealth through financial rules, but also to combine financial hegemony with geopolitical objectives, achieving political aims through economic means. In the current Russia-Ukraine conflict, we can clearly see that the financial sanctions imposed by the U.S. and the West on Russia are a manifestation of this financial hegemony.

在当前的国际货币体系下，金融规则、金融秩序、金融手段等的制定和执行由美西方等金融霸权国来决定，从而使这些国家不仅拥有了利用金融规则占有和剥夺其他国家财富的利器，同时也能将金融霸权与地缘政治目标相结合，以经济方式实现政治企图。在此次俄乌冲突中，我们可以清楚地看到，美西方对俄罗斯的金融制裁就是这种金融霸权的体现。

In fact, using financial sanctions to achieve geopolitical objectives has always been an important means for the U.S. and the West. In this process, the banking system and the payment and settlement system are important channels for executing financial sanctions. For example, since 1950, the U.S. and the West have imposed multiple financial sanctions on North Korea to contain its development. As early as 1950, U.S. President Harry S. Truman announced comprehensive sanctions against North Korea, including freezing North Korean assets in the United States. Subsequently, the U.S. launched multiple rounds of sanctions against North Korea; for instance, in August 2009, the U.S. imposed financial sanctions on North Korea’s Kwangson Banking Corporation under Executive Order 13382 (sanctioning proliferators of weapons of mass destruction and their supporters), freezing the bank’s accounts and financial assets in the United States. In addition, the U.S. and the West have imposed multiple financial sanctions on countries such as the Soviet Union, China, and Iran.

实际上，通过金融制裁来实现地缘政治目标一直是美西方的重要手段。在这一过程中，银行体系与支付清算体系是其执行金融制裁的重要渠道。如从1950年以来，美西方为遏制朝鲜的发展，对朝鲜实施了多次金融制裁。早在1950年，美国总统杜鲁门（Harry S. Truman）就宣布对朝鲜实施全面制裁，其中包括冻结朝鲜在美国资产等。其后，美国对朝鲜又发动了多轮制裁，如2009年8月，美国根据第13382号总统令（制裁大规模杀伤性武器扩散方及其支持者）对朝鲜光山银行实施金融制裁，冻结该银行在美国的账户和金融资产。除此之外，美西方对苏联、中国、伊朗等多个国家都实施过多次金融制裁。

Since the outbreak of the Russia-Ukraine conflict in 2022, the U.S. and the West, in order to contain Russia, have used financial hegemony to impose multiple sanctions on Russia. These specifically include: (1) Freezing assets by placing major Russian financial institutions on the SDN list, among other measures. In February 2022, the U.S. Treasury Department’s Office of Foreign Assets Control placed several financial institutions, including VEB.RF and VTB Bank, on the SDN list, freezing their assets in the U.S. and prohibiting transactions. The European Union and other Western countries also adopted similar measures to sanction major Russian financial institutions. (2) Removing some Russian banks, such as VTB Bank, VEB.RF, and Promsvyazbank, from the SWIFT system. This measure has also been called the “financial nuclear bomb” thrown at Russia. (3) Freezing nearly $300 billion in foreign exchange reserves of the Central Bank of Russia. Affected by the financial sanctions, Russia’s financial order was severely impacted, and its financial markets experienced serious turmoil in early March 2022. Russia’s financial assets also suffered malicious ratings, downgrades, and sell-offs; its government bonds were downgraded to junk status by credit rating agencies, and the stock prices of Russian companies listed on U.S. and European capital markets also plummeted.

2022年俄乌冲突爆发以来，美西方为遏制俄罗斯，运用金融霸权对俄罗斯实施了多项制裁措施。具体包括：（1）通过将俄罗斯主要金融机构列入SDN名单等方式冻结其资产。2022年2月，美国财政部海外资产控制办公室将俄罗斯国家开发银行、俄罗斯外贸银行等多家金融机构列入SDN清单，冻结其在美资产并禁止交易。欧盟等西方国家也采取了类似的方式对俄罗斯主要金融机构进行制裁。（2）将俄部分银行如俄罗斯外贸银行、俄罗斯国家开发银行、俄罗斯工业通讯银行等从SWIFT系统中移除。这一举措也被称为扔向俄罗斯的“金融核弹”。（3）冻结俄罗斯央行近3000亿美元的外汇储备。受金融制裁影响，俄罗斯的金融秩序受到巨大冲击，金融市场在2022年3月上旬出现严重混乱。俄罗斯的金融资产也遭到恶意评级、降级及抛售，其国债被信用评级机构降为垃圾级，俄罗斯企业在美欧资本市场的股价也出现暴跌。

(B) Relying on Dollar Hegemony to Plunder Global Wealth

（二）依托美元霸权，掠夺全球财富

One of the most important manifestations of financial hegemony in the contemporary era is dollar hegemony. In the later period of the Second World War, the establishment of the Bretton Woods system enabled the U.S. dollar to achieve the status of a global hard currency. After the collapse of the Bretton Woods system, the United States established the “petrodollar” system, and the hegemonic status of the dollar continued. Supported by dollar hegemony, the dollar has gained an unparalleled position in the international monetary system, enabling the United States not only to collect seigniorage but also to trigger economic fluctuations and turmoil in other countries through currency appreciation or depreciation, thereby plundering global wealth and ensuring the advantageous position of the U.S. economy.

金融霸权在当代的一个最重要体现就是美元霸权。第二次世界大战后期，布雷顿森林体系的建立使得美元确立了全球硬通货地位。布雷顿森林体系瓦解之后，美国又建立起“石油美元”体系，美元的霸权地位依然持续。在美元霸权的支撑下，美元在国际货币体系中拥有了无可比拟的地位，使美国不仅可以获取铸币税，还通过货币升值或贬值引发其他国家的经济波动和动荡，实现对全球财富的掠夺，保障美国经济的优势地位。

Historically, the Federal Reserve, according to the needs of U.S. interests, has repeatedly oscillated between “opening the floodgates to release water” and “closing the gates to limit flow,” using currency flows to extract economic benefits from other countries. When U.S. monetary policy is in an expansionary cycle, large amounts of capital flow to the rest of the world, inflating asset price bubbles and reaping high value-added returns; when U.S. monetary policy enters a contractionary cycle, capital flows back to the United States, leaving behind the adverse consequences of sharp currency depreciation and asset price collapses in other countries. For example, after the 2008 international financial crisis, the United States implemented successive quantitative easing policies to stimulate the economy. Under this measure, not only were import prices lowered through dollar depreciation, but also large amounts of hot money flooded into emerging countries. According to a report on emerging market capital flows released by the Institute of International Finance on January 22, 2013, net private capital inflows to emerging markets had remained above $1 trillion for three consecutive years since 2010. The massive influx of international capital significantly increased investment in these countries. However, as the Federal Reserve stopped its quantitative easing policy, this capital began to flow back on the basis of having reaped huge profits, leading to consequences such as currency depreciation and investment contraction in emerging economies.

从历史上来看，美联储根据美国利益需要，在“开闸放水”和“落闸限流”之间反复横跳，利用货币流动从他国攫取经济利益。美国货币政策处于扩张周期时，大量资本流向全球，助推资产价格泡沫，赚取高额增值收益；美国货币政策进入收缩周期时，资本回流美国，把本币大幅贬值、资产价格崩盘的恶果留给他国。如2008年国际金融危机发生后，美国连续实施量化宽松政策来刺激经济。在这一举措下，不仅通过美元的贬值降低进口商品价格，同时使大量热钱涌入新兴国家。根据国际金融协会在2013年1月22日发布的新兴市场资本流动报告，自2010年以来，新兴市场私人资本净流入规模连续３年保持在万亿美元以上。国际资本的大量涌入使这些国家的投资额明显上升。但随着美联储停止量化宽松政策，这些资本也在获取巨大利益的基础上开始回流，导致新兴经济体出现本币贬值、投资缩减等后果。

In 2022, the United States experienced its worst inflation in 40 years, with the Consumer Price Index (CPI) year-on-year increase reaching 9.1% in June. To curb inflation, the Federal Reserve began a frenzy of interest rate hikes starting in March 2022. Under this policy of rate increases, the US dollar strengthened sharply, while the currencies of other countries depreciated significantly. The euro-dollar exchange rate fell below parity for the first time since December 2002, the yen-dollar rate hit a 24-year low, and the currencies of many developing countries depreciated substantially. The short-term violent fluctuations in exchange rates created room for speculation by international financial capital, with many countries’ currencies being shorted by international capital, leading to chaos in financial order. For many emerging economies and developing countries, the more serious consequence was that the appreciation of the US dollar further deteriorated their external financing environment, exacerbated debt interest burdens, and continuously raised debt service costs. Many countries were unable to repay their debts and fell into debt crises. For example, Sri Lanka declared government bankruptcy in July 2022, not only failing to repay its external debt of up to US$51 billion but also facing multiple crises such as material shortages and soaring prices at home. In response to this situation, the World Bank issued a warning, pointing out that with the tightening of financial conditions and the appreciation of the US dollar, 25% of emerging markets are in or near debt distress, and more than 60% of low-income countries face debt difficulties. Michael Hudson, professor of economics at the University of Missouri–Kansas City, also pointed out that third-world countries are facing domestic debt deflation and cannot repay US debt without devaluation. International raw materials are priced in US dollars, so this means that when the dollar appreciates, these countries, using their own currencies, have to pay more of their domestic currency to buy copper, oil, food, or other raw materials.

2022年，美国遭遇了40年来最严重的通货膨胀，消费者价格指数(CPI)同比涨幅在6月曾达到9.1%。为抑制通货膨胀，美联储自2022年3月开始了疯狂加息。在加息政策下，美元走势强劲，其他国家货币则大幅贬值。欧元对美元汇率自2002年12月以来首次跌破平价，日元对美元汇率创24年来新低，广大发展中国家货币更是大幅贬值。汇率的短期剧烈波动为国际金融资本找到了投机的空间，多国货币遭到国际资本的做空，金融秩序出现混乱。对广大新兴经济体和发展中国家而言，更为严重的是，美元升值导致其外部融资环境进一步恶化，债务利息负担加剧，偿债成本不断上升，许多国家无法偿还债务，陷入债务危机。如斯里兰卡在2022年7月宣告政府破产，不仅无法偿还高达510亿美元的外债，而且国内也出现了物资匮乏、物价飞涨等多重危机。面对这一状况，世界银行发出警告，指出随着金融环境收紧和美元升值，25%的新兴市场正处于或接近债务困境，60%以上的低收入国家面临债务困境。美国密苏里大学堪萨斯城分校经济学教授迈克尔·赫德森（Michael Hudson）也指出，第三世界国家正面临着国内债务紧缩，无法在不贬值的情况下偿还美债。国际原材料都是以美元计价的，所以这意味着当美元升值时，这些使用本国货币的国家，不得不支付更多的本国货币来购买铜、石油、食品或者其他的原材料。

(3) Using Financial Hegemony to Pave the Way for Capital Expansion and Economic Control

（三）利用金融霸权为资本扩张与经济控制铺路

During the period of competitive capitalism, industrial capital mainly obtained high profits by expanding sales markets and acquiring raw materials. In the imperialist stage, driven by financial hegemony, making other countries fall into chaos through the role of financial capital also enables the hegemonic state to achieve capital expansion and control over other countries’ economies, thereby reaping huge profits. Therefore, some scholars have pointed out that US foreign policy is increasingly taking the creation of “controlled chaos” as a strategic goal. [5]5 The term “controlled chaos” (可控混乱) refers to a strategy of deliberately destabilizing other countries to create conditions favorable to the hegemonic power’s economic and political interests.

在自由竞争资本主义时期，产业资本主要通过扩大销售市场、获取原材料等方式获取高额利润。而在帝国主义阶段，在金融霸权的推动下，通过金融资本的作用使其他国家陷入混乱亦能使霸权国实现资本的扩张与对他国经济的控制，并由此获取巨额利润。因此，有学者就指出，美国对外政策日趋将制造“可控混乱”作为战略目标。

The international financial turmoil caused by financial hegemony has impacted the financial order of many countries, plunging their economies into difficulties, thereby paving the way for the hegemonic state to control these countries’ industries. For example, after the outbreak of the Asian financial crisis, South Korea, to avoid a domestic economic collapse, had to accept a package of relief agreements proposed by the International Monetary Fund. According to this agreement, South Korea had to carry out structural reforms, open its financial markets, and relax restrictions on foreign investment. The upper limit on the shareholding ratio of foreign capital in South Korea was raised from 26% to 50%, and the individual shareholding limit was raised from 7% to 50%. These conditions opened the door for foreign capital to enter the South Korean market. Companies such as Hyundai Motor and Daewoo Group, which were in trouble at the time, became targets of Western financial capital. Under the impact of the financial crisis, foreign investors’ share of common stock in Samsung Group reached 55%, mainly from US financial conglomerates. In Latin America, international capital also took advantage of the debt crisis, through the means of aid, to become the actual controllers of the economic development of Latin American countries.

由金融霸权导致的国际金融动荡对许多国家的金融秩序造成冲击，使其经济陷入困境，从而为霸权国控制这些国家的产业等铺路。如在亚洲金融危机爆发后，韩国为避免国内经济崩溃，不得不接受国际货币基金组织提出的一揽子救济协议。按照这一协议，韩国必须进行结构性改革，开放金融市场，放宽对外资的限制，外资在韩国境内的持股比例上限由26%提高到50%，个人持股上限从7%提高到50%。这些条件都为外国资本进入韩国市场打开了方便之门，韩国的现代汽车、大宇集团等当时陷入困境的企业都成为西方金融资本的目标。在金融危机的冲击下，三星集团外国投资者在普通股的占比达到55%，其中主要是美国的金融财团。在拉美，国际资本也借助债务危机的机会，通过援助的方式成为拉美国家经济发展的实际控制者。

III. Financial Hegemony Intensifies the Deep-Seated Contradictions of Capitalism

三、金融霸权加剧了资本主义的深层次矛盾

While the rampage of financial hegemony brings huge benefits to international monopoly capital, it also affects relations among developed countries and between them and developing countries, intensifying the deep-seated contradictions of capitalism.

金融霸权的肆虐在为国际垄断资本带来巨大利益的同时，也影响着发达国家间及其与发展中国家的关系，使资本主义的深层次矛盾加剧。

(1) Deepening Conflicts and Contradictions Among Developed Capitalist Countries

（一）发达资本主义国家间的矛盾冲突加深

Uneven economic and political development is an absolute law of capitalism. In *Imperialism, the Highest Stage of Capitalism*, Lenin, through empirical analysis of countries such as Britain, Japan, and Russia, verified that “under capitalism, the development of different enterprises, trusts, branches of industry, and countries cannot be even,” and that “finance capital and trusts do not weaken but rather strengthen the differences in the rate of development of the various parts of the world economy.” With the development of the times, this unevenness has not only not disappeared but has accelerated with the rapid changes in new technologies and the advance of economic globalization. For example, the development of Japan and Europe after World War II posed a challenge to the US position. In this situation, financial hegemony has been used as an important economic means to maintain US advantages, becoming a crucial tool for defusing uneven economic development.

经济和政治发展的不平衡是资本主义的绝对规律。在《帝国主义是资本主义的最高阶段》一文中，列宁通过对英国、日本、俄国等国家的实证分析验证了“在资本主义制度下，各个企业、各个托拉斯、各个工业部门、各个国家的发展不可能是平衡的”，而“金融资本和托拉斯不是削弱而是加强了世界经济各个部分在发展速度上的差异”。随着时代的发展，这种不平衡不仅没有消失，反而随着新技术的日新月异和经济全球化的推进而加速发展。如第二次世界大战后日欧的发展就对美国的地位构成了挑战。在这种情况下，金融霸权就被作为一种重要的经济手段来维护美国的优势，成为消解经济发展不平衡的重要工具。

Under the current monetary system, changes in the US dollar exchange rate have a significant impact on the economies of various countries, and this is also one of the purposes of the Federal Reserve’s policy adjustments. Historically, we can see that the Federal Reserve has repeatedly used monetary policy adjustments to curb the rapid development momentum of other countries and maintain US hegemonic status. For instance, in the 1980s, to improve the US balance of payments imbalance, the Plaza Accord [6]6 The Plaza Accord was a 1985 agreement among the G5 nations (France, West Germany, Japan, the United States, and the United Kingdom) to depreciate the US dollar relative to the Japanese yen and the German Deutsche Mark. led to a sharp appreciation of the yen against the dollar, causing a major setback to Japanese exports, which became an important trigger for Japan’s long-term economic recession. After the birth of the euro, the unified European currency posed a challenge to dollar hegemony. The United States provoked the Kosovo War, [7]7 The Kosovo War (1998–1999) was a conflict between the Federal Republic of Yugoslavia and the NATO alliance, led by the United States, over the status of Kosovo. causing a large amount of international capital to flee Europe, leading to a continuous decline in the euro-dollar exchange rate. After the outbreak of the 2008 international financial crisis, the Federal Reserve also used quantitative easing policies to overissue US dollars, achieving the goal of shifting the crisis.

在当前的货币体系下，美元汇率的变化会对各国经济产生重要影响，而这也是美联储调整政策的目的之一。在历史上，我们可以看到，美联储多次通过货币政策的调整来实现遏制他国的快速发展势头、维护美国的霸权地位等目的。譬如，20世纪80年代，为改善美国国际收支的不平衡，通过“广场协议”使日元对美元大幅升值，导致日本出口受到巨大挫折，这成为日本经济陷入长期衰退的一个重要诱因。在欧元诞生后，统一的欧洲货币对美元霸权形成了挑战，美国通过挑起科索沃战争使大量国际资本逃离欧洲，致使欧元对美元汇率一路下跌。2008年国际金融危机爆发后，美联储亦是通过量化宽松政策超发美元，实现转嫁危机的目的。

Since 2022, the Federal Reserve’s continuous interest rate hikes, on the surface, are aimed at curbing domestic inflation. But judging from the results, the currencies of developed countries such as the euro and the yen have depreciated significantly, not only severely affecting their economies but also weakening the international status of the euro and other currencies, thereby consolidating the hegemonic position of the US dollar. With multiple rounds of Fed rate hikes, the euro and other currencies have shown their vulnerability in the current monetary system, and the challenge to dollar hegemony has been greatly weakened. Japan, due to the sharp depreciation of its currency, has seen a substantial increase in the import costs of energy and other raw materials, leading to slowing economic growth and even negative growth.

而2022年以来美联储持续加息，从表面上看是为了遏制国内的通货膨胀，但从其结果来看，欧元、日元等发达国家货币都大幅贬值，不仅经济受到严重影响，同时欧元等的国际地位被削弱，美元的霸权地位得以巩固。随着美联储的多轮加息，欧元等货币表现出了其在当前的货币体系中的脆弱性，对美元霸权的挑战被大幅削弱。而日本则因货币大幅贬值导致能源等原材料进口成本大幅增加，经济增长放缓，甚至出现负增长。

The arrogant dollar hegemony and the serious consequences it triggers will inevitably provoke dissatisfaction among developed capitalist countries such as Japan and Europe, causing undercurrents of conflict and deepening contradictions among developed capitalist countries. In fact, in recent years, with the growing strength of the European Union, the euro has already posed a major challenge to the dollar, and the EU is also striving to promote the internationalization of the euro. In January 2021, the European Commission published a strategic document aimed at strengthening the international role of the euro and the construction of the European financial system, hoping to counter dollar hegemony and US extraterritorial unilateral sanctions. During the EU leaders’ summit in October 2021, French President Emmanuel Macron also publicly stated that the euro is an important policy tool and that the EU should further promote the internationalization of the euro to protect EU enterprises from the “long-arm jurisdiction” [8]8 “Long-arm jurisdiction” (长臂管辖) refers to the extraterritorial application of US laws to foreign entities and individuals, often enforced through the US dollar-based financial system. imposed by the United States through the dollar and American standards. It can be foreseen that with the economic recovery and development of Japan and Europe, the contradictions among the United States, Europe, and Japan will further deepen.

嚣张的美元霸权及其引发的严重后果必然会激发日欧等发达资本主义国家的不满，致使发达资本主义国家间的矛盾暗流涌动，冲突加深。实际上，近年来，随着欧盟力量的日益强大，欧元已经对美元形成了巨大的挑战，欧盟也在努力推动欧元的国际化。2021年1月，欧盟委员会公布了一份旨在强化欧元国际地位与欧洲金融体系建设的战略性文件，希望以此来抗衡美元霸权以及美国在域外的单边制裁行为。2021年10月欧盟领导人峰会期间，法国总统马克龙（Emmanuel Macron）也公开表示，欧元作为一个重要的政策工具，欧盟应当进一步推动欧元的国际化，以便保护欧盟企业免受美国通过美元以及美式标准施加的“长臂管辖”。可以预见，随着日欧经济的恢复与发展，美、欧、日之间的矛盾将会进一步深化。

(2) Further Intensification of Contradictions Between the Hegemonic State and Developing Countries

（二）霸权国与发展中国家间的矛盾进一步加剧

Through empirical research, Lenin analyzed the parasitic and decaying nature of imperialism under the domination of financial capital, pointing out that the whole world is “divided into a handful of usurer states and the majority of debtor states.” Today, under the impact of financial hegemony on the international financial order, the vast majority of developing countries remain the most severely damaged, with their economies highly prone to turbulence and crisis. For example, in the 1980s, the continuous interest rate hikes by the U.S. Federal Reserve and the rise of the dollar sharply increased the debt repayment costs of Latin American countries, plunging them into a debt crisis. The Asian financial crisis that broke out in 1997 was also closely related to the malicious short-selling of Asian emerging countries’ currencies by Wall Street financial institutions. The international financial turmoil triggered by the Federal Reserve’s interest rate hikes since 2022 has forced developing countries not only to face domestic inflation, capital outflows, and rising external debt costs, but also to contend with a sustained decline in exports.

列宁通过实证研究分析了金融资本统治下帝国主义的寄生性和腐朽性，指出全世界“分为极少数高利贷国和大多数债务国”。现如今，在金融霸权对国际金融秩序的冲击下，广大发展中国家仍然是受损最严重的，其经济极易陷入动荡与危机。如20世纪80年代，美联储的不断加息和美元上涨，使拉美国家还贷成本急剧增加，深陷债务危机。1997年爆发的亚洲金融危机，也与华尔街金融机构恶意做空亚洲新兴国家的货币有重要关联。2022年以来美联储加息所引发的国际金融动荡更使发展中国家不仅要面对国内的通货膨胀、资本外流、外债成本的提高，还要面对出口的持续下滑等。

According to statistics from the World Trade Organization, 86% of global trade in 2022 was conducted in U.S. dollars. Therefore, for the United States, which possesses financial hegemony, a strong dollar enables it to obtain goods and services from other countries at a lower cost and also helps reduce its own inflation rate. However, for the vast majority of developing countries, it leads to rising import prices for goods and a surge in external debt. For instance, under the effect of a strong dollar, the Egyptian pound depreciated by more than 50% in 2022, and debt repayment costs rose sharply. The Egyptian government predicted that its external debt would account for 93% of GDP by the end of the fiscal year in June 2023, and that debt interest payments would consume more than 45% of the country’s revenue.

根据世界贸易组织的统计，2022年全球86%的贸易以美元进行。因此，对于拥有金融霸权的美国来说，强势美元能使美国以更少的代价获取其他国家的商品和服务，也有助于降低美国的通货膨胀率。然而对于广大发展中国家来说，则导致其商品进口价格上涨，同时外债激增。譬如，在强势美元的作用下，埃及磅在2022年贬值超过50%，偿债成本大幅上涨，埃及政府预测其外债在2023年6月财政年度结束时将占GDP的93%，债务利息支出将吞噬该国收入的45%以上。

In addition, the Federal Reserve’s interest rate hikes have also led to a return of the dollar, causing a huge impact on the economies of developing countries. In Egypt, since March 2022, the strong dollar has caused more than $23 billion in hot money to flow out. In Vietnam, some foreign capital began to withdraw from the Vietnamese stock market in the second half of 2022. According to statistics, the total amount of foreign capital withdrawn from Vietnam has reached 859 trillion Vietnamese dong. At the same time, due to high inflation in Europe and a rapid decline in consumer purchasing power, the volume of export orders received by Vietnam in 2022 dropped sharply. According to a survey by the Vietnam General Confederation of Labor, a total of 441 enterprises and more than 620,000 employees were affected.

此外，美联储加息也导致美元回流，对发展中国家经济造成巨大冲击。在埃及，自2022年3月以来，强势美元导致超过230亿美元的热钱流出。在越南，部分外资从2022年下半年已开始从越南股市撤离，据统计，撤出越南的外资总额已达到859万亿越南盾。同时，由于欧洲通胀高企，消费购买力快速下滑，越南2022年接到的出口订单量急剧下降。根据越南劳动总联团的调查，共441家企业、62万多名员工受到冲击。

The situations in Egypt and Vietnam are also microcosms of many developing countries. The U.S. mainstream media outlet *The Wall Street Journal* published a report on September 18, 2022, titled “A Strong Dollar Is Causing Trouble for the Global Economy.” The British *Financial Times* website published an article on October 3, 2022, by Ruchir Sharma, Chairman of Rockefeller International, titled “Biden Should Take Action on the Dollar.” The article pointed out that the continued strengthening of the dollar globally has intensified pressure on global financial markets. Scholars from many developing countries have directly condemned the consequences of dollar hegemony. A scholar from a Kenyan think tank pointed out that the Federal Reserve’s aggressive interest rate hikes will exacerbate the challenges facing developing countries and further weaken the prospects for economic recovery in the African continent. A Mexican scholar also stated that the influence of the United States in the international financial system and dollar hegemony serve only its own national interests. The U.S. formulates monetary policy with disregard for the interests of other countries, which is a typical manifestation of unilateralism. The Federal Reserve’s continued interest rate hikes will bring adverse effects to the economic development of Latin America and even the world.

埃及和越南的状况也是许多发展中国家的缩影。美国主流媒体《华尔街日报》在2022年9月18日刊发了标题为《美元走强给全球经济带来麻烦》的报道。英国《金融时报》网站2022年10月3日刊登了洛克菲勒国际主席鲁奇尔·夏尔马（Ruchir Sharma）的文章《拜登应该对美元采取措施》。文章指出，美元在全球范围内持续走强加剧了全球金融市场的压力。许多发展中国家的学者更是直接对美元霸权引发的后果进行了谴责。肯尼亚智库学者指出，美联储激进加息将加剧发展中国家面临的挑战，进一步削弱非洲大陆经济复苏前景。墨西哥学者也表示，美国在国际金融体系中的影响力和美元霸权只为其本国利益服务。美国制定货币政策罔顾他国利益，是典型的单边主义表现。美联储持续加息将给拉美地区乃至世界经济发展带来不利影响。

IV. Building a More Just and Reasonable International Order Is Imperative

四、构建更加公正合理的国际秩序势在必行

Based on the impact of financial hegemony, the dollar-dominated international financial system is increasingly losing the trust of the international community. Europe, Asia, the Middle East, and other regions are exploring paths to “de-dollarization,” striving to change the unreasonable international financial system and international order. To reduce the damage of Western sanctions to its own economy, Russia has taken the lead in announcing the promotion of “de-dollarization.” The Central Bank of Russia has continuously reduced the share of the dollar in its international reserves and, since April 2022, has switched to using the ruble for settlement when supplying natural gas to “unfriendly” countries and regions.

基于金融霸权带来的冲击，美元主导的国际金融体系日益丧失国际社会的信任，欧洲、亚洲、中东地区等纷纷探索“去美元化”的路径，力图改变不合理的国际金融体系与国际秩序。为降低西方制裁对本国经济的伤害，俄罗斯已经率先宣布推动“去美元化”，俄罗斯央行不断减持美元在国际储备中的份额，并自2022年4月起向“不友好”国家和地区供应天然气时改用卢布结算。

The Western financial sanctions against Russia since the Russia-Ukraine conflict have also sounded an alarm for other countries. The “weaponization of currency” has not only eroded the dominant position of the dollar and triggered a global financial credit crisis, but has also made more countries recognize the damage that the unilateral freezing of other countries’ assets by the U.S. and Europe does to international rules, thereby shaking the existing international monetary system and world financial system. Under these circumstances, many countries have accelerated the process of “de-dollarization.” For example, the Reserve Bank of India has established a rupee settlement mechanism for international trade. The Bank of Israel began to include the Canadian dollar, Australian dollar, Japanese yen, and Chinese yuan in its foreign exchange reserves in 2022, and further reduced the proportion of the dollar in its reserves. Many countries, including China, have also further optimized their foreign exchange reserve structures and reduced the proportion of the dollar. According to statistics, Japan and China, the world’s top two holders of U.S. Treasury bonds, reduced their holdings by $224.5 billion and $173.2 billion respectively in 2022. France, Saudi Arabia, Israel, and many other countries have also sold large amounts of U.S. Treasury bonds since 2022.

俄乌冲突以来西方对俄罗斯的金融制裁也为其他国家敲响了警钟。“货币武器化”不仅侵蚀了美元的主导地位，引发全球金融信用危机，同时也让更多国家认识到美欧单方面冻结他国资产的行为对国际规则的破坏，从而动摇了现有的国际货币体系和世界金融体系。在这种状况下，许多国家都加快了“去美元化”进程。如印度央行建立了用于国际贸易的印度卢比结算机制，以色列央行在2022年开始将加元、澳元、日元和人民币纳入其外汇储备，并进一步降低美元在其外汇储备中的比例。包括中国在内的许多国家还进一步优化外汇储备结构，减少美元比重。据统计，全球持有美债规模排名前两位的日本与中国，分别在2022年减持2245亿美元及1732亿美元的美债，法国、沙特、以色列等多国2022年以来也抛售了大量美国国债。

The removal of Russia from the SWIFT system will also promote the development of other regional currency settlement systems, further weakening the dollar’s international monopoly position. To prevent the West from cutting off its banks’ connection to the SWIFT system, Russia began establishing the Central Bank of Russia’s Financial Message Transmission System (SPFS) as early as 2018, as a domestic market alternative to SWIFT. In February 2023, the Central Bank of Russia announced that SPFS had 469 participating institutions, including 115 foreign entities from 14 countries. China will also further promote the internationalization of the renminbi. These developments will trigger a fission in the global financial payment system. As former Governor of the Reserve Bank of India Raghuram Rajan pointed out, “After the freezing of the Central Bank of Russia’s foreign exchange reserves, China, India, and many other countries will worry about their own foreign exchange reserves.” This will force many countries to build their own payment systems to replace SWIFT, leading to fragmentation of the global payment system.

将俄罗斯移出SWIFT系统也将推动其他地区性的货币结算系统的发展，美元的国际垄断地位将进一步削弱。俄罗斯为了预防西方切断其银行与SWIFT系统的联系，早在2018年就开始建立俄罗斯央行金融信息传输系统（SPFS），作为SWIFT系统在国内市场上的替代选择。2023年2月，俄罗斯央行宣布，SPFS拥有469个参与机构，包括14个国家的115个外国实体。我国也将进一步推动人民币国际化。这些都将引发全球金融支付系统的裂变。正如前印度中央银行行长拉詹（Raghuram Rajan）所指出的，“在冻结了俄罗斯中央银行外汇储备之后，中国、印度和许多其他国家会为他们的外汇储备感到担忧”。这将使得许多国家不得不建设自己的支付系统来替代SWIFT，从而导致全球支付体系呈现碎片化。

The exploration of “de-dollarization” not only shows that many countries want to reduce their dependence on the dollar, but also indicates that reform of the international financial system is imperative. Building a reasonable multilateral international financial system and international economic order, and practicing genuine multilateralism, are the correct paths to counter financial hegemony. As Professor Jeffrey D. Sachs of Columbia University pointed out, “We must better carry out international cooperation and establish a reliable multilateral system to deal with the instability, uncertainty, and fragility in the international financial market.” At the same time, the development of “de-dollarization” and the internationalization of the renminbi also reflect the evolution of the international landscape behind the changes in the international financial system. Not only is dollar hegemony increasingly weakened, but the dominant position of the United States in the international landscape is also facing growing challenges. Promoting the multipolarization of the international landscape is not only a financial demand of various countries, but also a call for a just and reasonable international economic order and international political order.

“去美元化”的探索不仅表明多国欲减轻对美元的依赖，同时也表明国际金融体系改革势在必行，构建一个合理的多边国际金融体系以及国际经济秩序，践行真正的多边主义是对抗金融霸权的正确路径。正如哥伦比亚大学教授杰弗里·萨克斯（Jeffrey D. Sachs）所指出的，“一定要更好地开展国际合作，建立可靠的多边体系，应对国际金融市场上的不稳定、不确定和脆弱性因素”。同时，“去美元化”以及人民币国际化进程的发展等也体现出国际金融体系变迁背后国际格局的发展。不仅美元霸权日益受到削弱，在国际格局中美国的优势地位也受到越来越大的挑战。推进国际格局的多极化不仅是各国在金融方面的要求，更是对公正合理的国际经济秩序、国际政治秩序的呼唤。

As a member of the developing countries, China has been working to change the irrational international monetary system. To counter the dollar hegemony, China has consistently called for the diversification of international settlement currencies, striven to increase the weight and representation of developing countries in international financial institutions, and promoted the building of a just and equitable international financial system. In stark contrast to the United States and others that pursue financial hegemony to plunder global wealth, China has been committed to building a community with a shared future for mankind and advancing win-win cooperation among humanity. “Building a community with a shared future for mankind is the way forward for the people of all countries. Only when all countries pursue the path of the world, live in harmony, and engage in win-win cooperation, can prosperity be sustained and security guaranteed.” [10]10 This quotation is from Xi Jinping’s report Facing the turbulence in the international financial market in 2022, Xi Jinping, in his speech at the first session of the 17th Summit of the Group of Twenty on November 15, 2022, stressed that “we need to curb global inflation and resolve systemic economic and financial risks. In particular, developed economies should reduce the negative spillover effects of their monetary policy adjustments and keep their debts at a sustainable level. International financial institutions and commercial creditors, as the main creditors of developing countries, should participate in debt reduction and suspension actions for developing countries.” China has “fully implemented the G20 Debt Service Suspension Initiative, with the largest total debt suspension among G20 members, and has participated together with relevant members in the debt treatment under the Common Framework for Debt Treatment beyond the DSSI, providing support for relevant developing countries to tide over their difficulties.”

中国作为发展中国家的一员，一直在为改变不合理的国际货币体系而努力。为对抗美元霸权，我国一直在呼吁国际结算货币多元化，致力于提高发展中国家在国际金融机构中的权重和代表性，推动构建公正合理的国际金融体系。与美国等推行金融霸权掠夺全球财富形成鲜明对比的是，中国一直致力于构建人类命运共同体，推进人类的合作共赢。“构建人类命运共同体是世界各国人民前途所在。只有各国行天下之大道，和睦相处、合作共赢，繁荣才能持久，安全才有保障。”面对2022年国际金融市场的动荡，习近平在2022年11月15日的二十国集团领导人第十七次峰会第一阶段会议上发表讲话强调，“要遏制全球通胀，化解系统性经济金融风险，特别是发达经济体要减少货币政策调整的负面外溢效应，将债务稳定在可持续水平。国际金融机构和商业债权人作为发展中国家的主要债权方，应该参与对发展中国减缓债行动”，而中国一直“全面落实二十国集团缓债倡议，缓债总额在二十国集团成员中最大，并同有关成员一道参与《二十国集团缓债倡议后续债务处理共同框架》债务处理，为有关发展中国家渡过难关提供了支持”。

Against the backdrop of the dollar hegemony’s continuous impact on the international financial market and the international economic order, the trend of “de-dollarization” is “clearly irreversible.” And as financial hegemony becomes increasingly rampant, the willingness of the oppressed developing countries to unite and cooperate will grow stronger, and they will work together for the ultimate realization of a fairer and brighter future.

在美元霸权不断冲击国际金融市场和国际经济秩序的背景下，“去美元化”的趋势“显然是不可逆转的”。而在金融霸权日益肆虐的背景下，饱受压榨的发展中国家的团结与合作的意愿也会更加强烈，并为最终实现一个更加公平和光明的未来而共同努力。

(Author: Xing Wenzeng, Associate Research Fellow at the Academy of Marxism, Chinese Academy of Social Sciences)

（作者：邢文增，中国社会科学院马克思主义研究院副研究员）

Online Editor: Tongxin

网络编辑：同心