Multiple countries promote local currency settlement: the global financial system embraces diversification

【CryptoWorld】The global financial system is quietly undergoing changes. Several emerging economies are pushing forward an ambitious plan to significantly increase the use of their own currencies in international trade settlements. Official data shows that approximately 90% of cross-border transactions between these countries are settled in their own or friendly currencies, forming a stark contrast to the traditional dollar-centric payment model.

The logic behind this shift is straightforward: to establish diversified payment channels. Decision-makers promoting this plan believe that the current Western-dominated financial system has structural flaws and is easily used to exert economic pressure. Therefore, countries are actively creating conditions to make their own currencies the primary settlement tools in mutual trade.

The latest cross-border payment initiative further advances this vision—building a parallel international settlement system based on local currencies. Although this process is challenging and requires coordination across multiple dimensions such as payment infrastructure, exchange rate stability, and credit systems, all parties are actively promoting it. This effort marks a shift in the global financial landscape from a single center toward multipolarity, with profound implications for cross-border commerce, digital asset circulation, and international financial innovation.