New Balance of Power in the Global Foreign Exchange Market
Abstract
The present paper gives an analysis of the current situation in the global foreign exchange and financial markets,which are directly related to the volatility of the reserve currency – the US dollar. The purpose of this article is to
make changes in a coherent theoretical concept of formation and development of the global foreign exchange
market, to develop the main directions for the reorganization of the global monetary system and to elaborate the
suggestions about the present place and role of the reserve currency. Currently, many countries, such as Russia,
China, Brazil and others, are pursuing their monetary policy, which consists in abandoning the US dollar in
international trade transactions and creating their own monetary union. On the one hand, this research
emphasizes the possibility of the collapse of the US currency and the development of a new reserve currency,
and on the other hand – proves the strengthening of the US dollar, since the US has never been concerned about
external obligations due to the status of its currency as a reserve currency. Therefore, there is a dilemma that is
difficult to solve without the recommendations of the IMF and other international organizations.
The Copyright Transfer Form to ASERS Publishing (The Publisher)
This form refers to the manuscript, which an author(s) was accepted for publication and was signed by all the authors.
The undersigned Author(s) of the above-mentioned Paper here transfer any and all copyright-rights in and to The Paper to The Publisher. The Author(s) warrants that The Paper is based on their original work and that the undersigned has the power and authority to make and execute this assignment. It is the author's responsibility to obtain written permission to quote material that has been previously published in any form. The Publisher recognizes the retained rights noted below and grants to the above authors and employers for whom the work performed royalty-free permission to reuse their materials below. Authors may reuse all or portions of the above Paper in other works, excepting the publication of the paper in the same form. Authors may reproduce or authorize others to reproduce the above Paper for the Author's personal use or for internal company use, provided that the source and The Publisher copyright notice are mentioned, that the copies are not used in any way that implies The Publisher endorsement of a product or service of an employer, and that the copies are not offered for sale as such. Authors are permitted to grant third party requests for reprinting, republishing or other types of reuse. The Authors may make limited distribution of all or portions of the above Paper prior to publication if they inform The Publisher of the nature and extent of such limited distribution prior there to. Authors retain all proprietary rights in any process, procedure, or article of manufacture described in The Paper. This agreement becomes null and void if and only if the above paper is not accepted and published by The Publisher, or is with drawn by the author(s) before acceptance by the Publisher.