Core Viewpoint - The article discusses the current state of global currency payments, highlighting the dominance of the US dollar, the challenges faced by the euro, and the recent decline of the renminbi in international payment rankings [3][5][20]. Group 1: US Dollar Dominance - The US dollar maintains a dominant position in global payments, accounting for 49.08% of the total, which is a new high in eight months [8]. - Despite calls for "de-dollarization," many countries continue to increase their dollar reserves, particularly for commodities like oil and grains [10]. - The dollar's stronghold is attributed to historical factors, including its establishment as the world's reserve currency post-World War II [10][12]. Group 2: Euro's Challenges - The euro holds the second position in global payments with a share of 22.24%, but this figure has been declining, indicating underlying economic issues within the Eurozone [14][18]. - Recent data shows a drop in the euro's payment share from 22.29% to 21.93%, raising concerns about its stability [18]. - Internal conflicts within the Eurozone, such as differing fiscal policies among member states, contribute to the euro's precarious position [16]. Group 3: Renminbi's Decline - The renminbi's share of global payments fell from 3.89% to 3.50%, dropping from fourth to fifth place behind the yen [20][30]. - Despite a reported 8% increase in exports, a significant 20% drop in exports to the US has negatively impacted renminbi settlements [22]. - The renminbi's international payment status is still unstable, with its risk-bearing capacity being questioned [22][24]. Group 4: Future of Currency Competition - The article suggests that the future of currency competition may not solely rely on traditional systems like SWIFT, as alternative payment networks and digital currencies are emerging [26][28]. - China's digital renminbi and other national payment systems could potentially bypass traditional frameworks, reshaping the global payment landscape [28]. - The ability to establish a new payment ecosystem will be crucial in determining which currency can dominate future transactions [28].