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DOI: 10.52174/2579-2989 2023.2-25
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International Monetary Fund, Currency composition of official foreign exchange reserves (COFER), https://data.imf. org/?sk=E6A5F467-C14B-4AA8-9F6D-5A09EC4E62A4
International Monetary Fund, Direction of Trade Statistics, https://data.imf.org/?sk=9D6028D4-F14A-464C-A2F2-59B2CD-424B85&sId=1515619375491
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IMajor Foreign Holders of Treasury Securities, https://ticdata.treasury.gov/resource-center/data-chart-center/tic/Documents/ slt_table5.html
International Monetary Fund, Direction of Trade Statistics, https://data.imf.org/?sk=9D6028D4-F14A-464C-A2F2-59B2CD-424B85&sId=1515619375491
Rosales Ailsa, Duran CarreteAlejandro, Brazil-China strategic partnership,
https://www.spglobal.com/marketi ntelligence/en/mi/research-analysis/brazilchina-strategic-partnership.html#:~:text=The%20 agreements%20demonstrate%20efforts%20to,reached%20a%20record%20USD150%20billion
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Asian Monetary Fund suggested, as doiiar has been weaponized, China Daily, 2023-04-07, http://epaper.chinadaiiy.com. cn/a/202304/07/WS642f49e7a310777689887ebb.html
India, Malaysia move beyond doiiar to settle trade in INR, https://www.thehindu.com/news/nationai/india-and-maiaysia-an-nounce-trade-in-indian-rupees/articie66687080.ece
Krishna Srinivasan, Aiasdair Scott, Asia Likely to See Dynamic Economic Growth, but With Policy Challenges, April 13, 2023, https://www.imf.org/en/Biogs/Articies/2023/04/13/asia-iikeiy-to-see-dynamic-economic-growth-but-with-poiicy-chaiienges Sanctions have frozen around $300 bin of Russian reserves, FinMin says By Reuters Staff, https://www.reuters.com/articie/ukraine-crisis-russia-reserves-idUSL5N2VG0BU China's Yuan Replaces Doiiar as Most Traded in Russia, ByBloomberg News, 3.04.2023,
https://www.bioomberg.com/news/articies/2023-04-03/china-s-yuan-repiaces-doiiar-as-most-traded-currency-in-russia#:~:tex-t=China's%20yuan%20has%20replaced%20the,of%20Western%20sanctions%20against%20Moscow.
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IMF, Currency composition of official foreign exchange reserves (COFER), https://data.imf.org/?sk=E6A5F467-C14B-4AA8-9F6D-5A09EC4E62A4
1. Asian Monetary Fund suggested, as dollar has been weaponized, China Daily, 2023-04-07, http://epaper.chinadaily.com.cn/a/202304/07/WS-642f49e7a310777689887ebb.html
2. China Is Quietly Trying to Dethrone the Dollar,
https://foreignpolicy.com/2022/09/21/china-yu-an-us-dollar-sco-currency/
3. China's Yuan Replaces Dollar as Most Traded in Russia, ByBloomberg News, 3.04.2023, https://www.bloomberg.com/news/arti-cles/2023-04-03/china-s-yuan-replaces-dol-lar-as-most-traded-currency-in-russia#:~:text=Chi-na's%20yuan%20has%20replaced%20the,of%20 Western%20sanctions%20against%20Moscow.
4. India, Malaysia move beyond dollar to settle trade in INR,
https://www.thehindu.com/news/national/in-
dia-and-malaysia-announce-trade-in-indian-rupees/
article66687080.ece
5. International Monetary Fund, Currency composition of official foreign exchange reserves (COFER),
https://data.imf.org/?sk=E6A5F467-C14B-4AA8-9F6D-5A09EC4E62A4
6. International Monetary Fund, Direction of Trade Statistics,
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7. Krishna Srinivasan, Alasdair Scott, Asia Likely to See Dynamic Economic Growth, but With Policy Challenges, April 13, 2023, https://www.imf.org/en/Blogs/Articles/2023/04/13/ asia-likely-to-see-dynamic-economic-growth-but-with-policy-challenges
8. Major Foreign Holders of Treasury Securities,
https://ticdata.treasury.gov/resource-center/da-ta-chart-center/tic/Documents/slt_table5.html
Rosales Ailsa, Duran CarreteAlejandro, Brazil-China strategic partnership, https://www.spglobal.com/marketintelligence/en/ mi/research-analysis/brazilchina-strategic-part-nership.html#:~:text=The%20agreements%20 demonstrate%20efforts%20to,reached%20a%20 record%20USD150%20billion
10. Sanctions have frozen around $300 bln of Russian reserves, FinMin says By Reuters Staff,
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Нарине ПЕТРОСЯН
Аспирант, АГЭУ
ФИНАНСОВАЯ СИСТЕМА
ВАЛЮТНАЯ ГОНКА: БОРЬБА ЗА ДОМИНИРОВАНИЕ
Борьба за гегемонию между мировыми экономическими гигантами из года в год расширяет свои масштабы, выражаясь в том числе и в амбициозных стремлениях завоевать гегемонию на международном валютном рынке. Призывы отказаться от массового использования доллара США в международной торговле получили особенно широкий резонанс в последнее десятилетие. Более того, список стран, реализующих подобные призывы, постепенно расширяется, в том числе от Бразилии до стран Юго-Восточной Азии. Насколько реальны эти призывы? Есть ли основания для реализации этих идей и каковы последствия отказа от доллара США в международной торговле?
Ключевые слова: доминирование, валютный резерв, международная торговля, конкурентоспособность
Narine PETROSYAN
PhD Student, ASUE
FINANCIAL SYSTEM
CURRENCY RACE: STRUGGLE FOR DOMINANCE
The struggle for hegemony among the world's economic giants is growing from year to year, manifesting itself in various ways, including ambitious endeavors to achieve dominance in the international currency market. Calls to abandon the massive use of the US dollar in international trade have received particularly wide resonance in the last decade. Moreover, the list of countries implementing such appeals is gradually expanding, ranging from Brazil to the countries of Southeast Asia. How realistic are these calls? Are there any grounds for the implementation of these ideas and what are the consequences of abandoning the US dollar in international trade?
Keywords: dominance, foreign exchange reserve, international trade, competitiveness