Core Insights - A significant shift in the global financial landscape is occurring, with a particular country's currency rapidly reshaping the international trade settlement system [1] - The usage of the US dollar and euro in bilateral trade has dropped to a level described as "statistical error," while the domestic currency's settlement ratio has surged from below 3% to over 99% in the past decade [1][3] Group 1: Trade Settlement Changes - Currently, 99.1% of bilateral trade settlements are conducted using the two countries' currencies, with over one-third of foreign exchange reserves and 60% of the national welfare fund allocated to this particular currency [3] - The trading volume of this currency on the Moscow Exchange has increased 40 times, surpassing the trading scale of the US dollar, indicating a strong preference among the public for holding this currency over the domestic currency [3] Group 2: Drivers of Change - The catalyst for this financial transformation stems from external pressures, particularly after the escalation of geopolitical conflicts in 2022, which led to the exclusion of this country from international payment systems and the freezing of its assets [5] - The stability of this currency's exchange rate and its comprehensive industrial support have made it the preferred choice for transactions across a wide range of goods, effectively mitigating exchange rate fluctuation risks [5] Group 3: Broader Implications - Analysts suggest that this trend extends beyond bilateral trade, with multiple central banks increasing their holdings of this currency's assets and regional agreements for local currency settlements expanding [6] - The rise of this currency from a "marginal role" to a "core option" reflects the international community's urgent need for a diversified currency system and highlights the unique value of stable currencies in turbulent times [6]