Group 1 - The US dollar index has significantly declined from above 110 at the beginning of the year to around 99 by the end of May, marking a three-year low, raising concerns about the stability of the dollar's credit system [1] - The US government faces a growing debt crisis, with the federal debt exceeding $36 trillion, accounting for over 130% of GDP, and the fiscal deficit surpassing $1 trillion for three consecutive years [1][2] - There is a structural decline in international investors' willingness to purchase US Treasury bonds, indicating a loss of confidence in the US's ability to manage its debt [1][2] Group 2 - The root of the dollar's credit crisis lies in the deep contradictions of the global economic governance system, where the US relies on fiscal deficits to stimulate growth, leading to a persistent current account deficit [2] - The actual yield on US Treasury bonds is now insufficient to cover inflation costs for major holding countries, undermining the attractiveness of dollar-denominated assets [2] - The trend of foreign central banks reducing their holdings of US Treasury bonds reflects a shift towards diversifying reserve assets, with increased demand for gold and new multilateral payment mechanisms [2] Group 3 - A potential crisis in the dollar credit system could have far-reaching consequences beyond the financial sector, disrupting global supply chains and leading to a fragmented international trade rule system [3] - Historical experiences indicate that changes in the monetary system often accompany sovereign debt crises and capital flow volatility, particularly affecting emerging markets [3] - The international community is exploring multi-layered mechanisms to address potential crises, including reforms in Special Drawing Rights distribution by the IMF and the development of regional clearing systems [3] Group 4 - The crisis facing the dollar's credit system highlights deep contradictions in the global financial system, such as the mismatch between the responsibilities and rights of countries with reserve currency status [4] - There is a need for reforms in fiscal discipline, monetary power balance, and technological innovation to avoid falling into a "dollar trap" [4] - Accelerating reforms in IMF quota distribution and establishing standards for cross-border digital currency settlements are essential for optimizing the global financial order [4]