终于对人民币动手了，英国踢掉全部货币，死保美元

Core Viewpoint - The London Metal Exchange (LME) has abruptly suspended all non-U.S. dollar-denominated metal options trading, forcing global traders to transact in U.S. dollars only, which is seen as a desperate reaction to the rising challenge of the Chinese yuan in the metal trading market [1][3]. Group 1: Impact on Dollar Dominance - The LME's decision is interpreted as a significant blow to the dollar's dominance in global commodity pricing, particularly as the exchange has historically been a key pillar of U.S. dollar hegemony [1][3]. - The dollar's dominance relies on three pillars: settlement, reserve, and pricing, with the LME being central to the pricing pillar [3]. - The LME's operations have allowed U.S. capital to benefit from fluctuations in interest rates, leading to significant profits for Wall Street firms during periods of low interest rates [3][4]. Group 2: Changes in Global Metal Trading - The rise of Chinese manufacturing has shifted the landscape, with China controlling over 70% of rare earth oxide production and significant shares of other metals, establishing itself as the largest metal consumer globally [7]. - Since 2022, the trading volume of metal options denominated in yuan has surged, with a 900% increase in market share, indicating a growing acceptance of the yuan in international metal transactions [7]. - The Shanghai Futures Exchange has reported that yuan-denominated copper futures have the largest open interest globally, surpassing that of the LME [7][8]. Group 3: Market Reactions - Following the LME's announcement, the Shanghai Futures Exchange saw a significant increase in trading volume, while the LME experienced unusual trading halts, highlighting a shift in market dynamics [8][10]. - The Dubai Commodity Exchange plans to launch yuan-denominated copper futures in 2026, further solidifying the yuan's role in the market [8]. - Market participants are increasingly viewing U.S. dollar-denominated metals as less favorable compared to those priced in yuan, indicating a potential shift in trading preferences [10].