The international monetary system is accelerating towards multipolar fission.

The cracks in the credibility of the US dollar were torn apart time and time again in 2025, with the fissures growing wider. The global trade turbulence caused by "tit-for-tat tariffs," the wave of selling off US dollar assets, and the record-breaking government shutdown in the United States all felt like pillars of the US dollar credibility foundation being continuously knocked down. The US dollar index dropped by over 10% in just the first half of the year, while spot gold soared by nearly 68%, becoming the most vivid footnote in the international financial markets of 2025. At the same time, in 2025, the Renminbi stood at the intersection of trade and finance, writing a new narrative of internationalization: on one hand, leveraging the winds of trade, the Renminbi rapidly developed in international trade financing and settlements; on the other hand, under the push of top-level design policies, the opening up of the capital account is expected to become a key breakthrough in the internationalization of the Renminbi, injecting new momentum into the diversification of the global financial landscape.