Saudi Arabia claims or abolishes the petrodollar agreement, the European Union wants to replace the dollar with the euro, and China and Russia also try their best to bypass the dollar. Is the era of t

Saudi Arabia claims or abolishes the petrodollar agreement, the European Union wants to replace the dollar with the euro, and China and Russia also try their best to bypass the dollar. Is the era of the dollar really coming to an end?

 Since the outbreak of COVID-19, the United States has been printing the dollar without restraint, resulting in global hyperinflation. It has also brought the risk of financial market and currency failure to the world. In particular, it has a great impact on our global export-oriented enterprises. The prices of bulk steel, copper, coal and other raw materials have risen sharply, and the freight has soared, which makes the trading parties miserable. Affected by the epidemic, the global infrastructure was shut down on a large scale, especially having a great impact on our global power distribution market. In 2021, the export of the whole power transformer, distribution transformer, electric furnace transformer and rectifier transformer decreased significantly, down 70% compared with the export data of transformer in the first half of 2020( Data from 2021 power transformer customs data).In addition, according to the PPI index released by the U.S. Department of labor in July 2021, it increased by 7.8% year-on-year (the previous value was 7.3%), higher than expected and the largest increase since records were made in 2010, almost twice the expected inflation rate of the market. This indicates that hyperinflation in the United States will further intensify, and a greater crisis may still be in the future. There is no doubt that this dangerous situation is caused by the United States’ greedy use of the dollar hegemony to reap global wealth. It is also a manifestation of the United States’ extreme irresponsibility.The greed, selfishness and arrogance of the United States have also caused global unrest. In particular, the extremely irresponsible abandonment of its allies in Afghanistan has aroused widespread concern among NATO allies and lost basic trust in the United States. While the United States uses the dollar hegemony to reap world wealth and cause disasters to the United States and the world, more and more countries in the world begin to counterattack the dollar hegemony. This time, not only China and Russia, but also the traditional allies of the United States participated in the counterattack.Saudi Arabia announced today that it may abolish the oil dollar agreement and sell oil in currencies other than the US dollar. Saudi Arabia is the leader of OPEC oil producing countries. If Saudi Arabia no longer uses US dollars to sell oil, it will inevitably lead to domino ribs effect and Gulf countries to follow suit, which will have a huge impact on the United States. In addition to Saudi Arabia, the EU is also exploring the use of the euro to replace the dollar to trade oil. Agence France Presse reported on August 17 that the EU will determine the crude oil trading system based on Euro pricing in 2022 and take the euro as the default currency for energy contracts between EU Member States and third countries, so as to get rid of the dependence on the US dollar in oil trading.Russia emptied the dollar in the first half of this year, and oil transactions have long been settled in RMB. China also supports diversified oil trading agreements and opposes dollar hegemony. Petrodollar is the foundation of US dollar hegemony. Once the petrodollar system collapses, the US dollar hegemony will gradually collapse, and the world monetary system will form a tripartite situation of RMB, euro and US dollar.Hot signature:Qingdao hengfengyou Electric is a power enterprise specializing in the manufacture of transmission and distribution equipment. Its distribution transformers and medium and low voltage switchgear have been successfully sold in Asia (sold to Uzbekistan, Kazakhstan and Pakistan), the Middle East (UAE transformer price, Kuwait transformer price, Iraq transformer price, Oman transformer,) In Africa (Tanzania transformer price, Zimbabwe transformer price, South Africa transformer price), Europe (Spain transformer) and other markets, hengfengyou Electric has more than 30 years of power transformer and switchgear manufacturing experience and overseas sales experience. Hengfengyou Electric is looking forward to the demand for power transformers or power business resources. It can also contact and communicate with us, and look forward to jointly developing the global transformer market with all parties to achieve win-win results【 WhatsApp +8615853252696 】

Published by hengfengyou

Qingdao Hengfengyou Electrical Engineering Co., LTD., subordinate to Hengfengshuai Group, is an export-oriented enterprise with transmission and distribution industry as its main business, integrating product research and development, manufacturing and trade. Its main products include power transformers, medium and low voltage switch cabinets, circuit breakers and other power distribution equipment and power engineering services.

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