Thinking about the Return of Gold and Silver and other Minerals to Monetary Attributes under the Condition of Financial Changes with the Superimposition of the COVID-19

ABSTRACT

This paper analyzes the history of currency development from physical currency, metal currency, paper currency to electronic currency, analyzes the evolution of the international currency settlement system, its pros and cons, and the global financial changes caused by the epidemic;analyzes the problem as to how the U.S. dollar is bound to gold and oil, i.e., the process of international hegemonic currency, and analyzes the overall impact of the outbreak of the epidemic in 2020 on the economy, the over-issue of the U.S. dollar, the continued weakening of the U.S. dollar index, and the strengthening of the hedging effect of gold and silver. Under this change, global precious metal mergers and acquisitions have increased, countries have increased their gold reserves and made exploratory promotion of a new currency system tied to gold. From the perspective of safeguarding national financial security and the internationalization of RMB, this paper puts forward suggestions for increasing the reserves of gold and silver at home and abroad, raising government reserves and private reserves in the medium and long term, and speeding up the launch of RMB internationalized gold and silver anchors. © 2021, Science Press. All right reserved.