Generally speaking，The international financial system refers to international currency and its payment system，In the broad sense, the international financial system can include the international currency system、International Financial Market、The operation and governance system of international financial institutions and organizations。The Breton Forest System, established by developed western countries led by the United States, laid the institutional foundation of the international financial system since World War II。Since entering the Breton Forest era，Floating exchange rate system is legalized，Multiple exchange rate systems and reserve currencies coexist，Various international financial crisis occurs frequently。After the outbreak of the global financial crisis caused by the US subprime mortgage crisis，Especially under the impact of the century -old change century epidemic and Russian and Ukraine conflict，The current international financial system is undergoing structural rapid evolution，Show over -finance、System fragmentation and behavioral political characteristics。Clarify the expression form and consequences of this "three modernizations"，It helps to better understand the trend of the evolution of the international financial system and China's role and role in global financial governance reforms。 

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First，Excessive finance。The international financial system promotes economic over -finance in the 1970s，Under the promotion of the New Liberalism in the West after the 1990s，Accompanied by the industrial hollow of the industry such as major western countries such as the United States，Finance bet365 best casino games continues to expand and deepen globally。Analysis of the capital and capitalist system based on Marxism，Finance is still essentially the result of the continuous expansion of the competition field and form in the process of pursuing the surplus value of capital，In the final analysis，The emergence of the phenomenon of finance comes from the expansion of financial capital forces。The United States is the promoter of excessive finance of global economy，It is also a manufacturer of global financial instability and financial systemic risks。Excessive financial melting has sprender the outbreak of the subprime mortgage crisis，To cope with the relief of the crisis to ease the economic recession，The Fed implemented multiple rounds of quantitative easing policy，Causes global fluid flood，greatly promoted the rise in global asset prices。After the outbreak of the new crown，The quantitative easing policy of the Federal Reserve can be described as intensified，U.S. super expansion monetary policy has exacerbated global liquidity excess，Grow up the liabilities and financial instability of emerging market countries and developing countries。Once the domestic economic recovery leads to an increase in inflation，The Fed will start to turn to contracted monetary policy，The continuous tightening of this monetary policy will cause a new negative impact on the peripheral countries。

2，System fragmentation。Fragmentation of the international financial system refers to the original relative unity of the international financial system.、multilateral cooperation、The overall fusion financial operation system has gradually evolved into relative separation、Regional and club -style coordination，Formation、targeted、International financial system characterized by competitive and decentralized diversity。Fragmentation of the international financial system is mainly the result of economic globalization and global economic governance bet365 Play online games division。It is manifested as the following points: First, the fragmentation of international reserve currency。The competition of the world's multi -polarization, especially the game and geopolitics of geopolitics，The single reserve currency system formed by the dollar monopoly formed since the establishment of the Breton Forest System was converted into a multi -reserve currency system。USD、Euro、RMB and pound、Japanese yen and other currencies will share the functions of international reserve currencies。Second is the fragmentation of the international payment system。Under the impact of the intensification of geopolitical competition，The division of the global payment system department。Always，US dollars are the main pricing in the global payment system、Settlement and reserve currency，But with Russia and Ukraine's conflict, it becomes more intense，The United States and the European Union began to exclude some Russian banks outside the Global Bank of Financial Communications Association (SWIFT) system and freeze Russia's gold foreign exchange reserves。Third is the fragmentation of global financial markets and international investment。Actually，Fragmentation trends are not only reflected in the international financial field，Globalization of International Economic and Financial can allow cooperation located in regional and fragmented。This trend is reflected in the field of trade and investment，It is manifested as the regional and shortened global supply chain。This trend is reflected in the financial field，It may be manifested in the diversification of international reserve currencies and the fragmentation of the international currency system，International Trade、International Investment、International Reserve、The fragmentation and diversification of the international financial market and the global industrial chain is promoted by each other、Logical relationship with mutual causality。

bet365 live casino games third，Politicalization of behavior。The politicalization of the international financial system originated from the United States as the only super financial country and financial hegemony country，It can be used as the world's main trade settlement、The US dollar of international investment and international reserve currencies conducts remote strikes on economic activities in other countries。The current international financial system has become the United States to sacrifice other countries' financial security and financial interests、A financial weapon that protects the political interests of the country。The early US financial sanctions were mainly through the freezing assets of the World Bank、Cancel or reduce assistance funds，Subsequently upgraded to monitor and restrict global financial activities with Swift and Chips systems。

The above analysis indicates，The international financial system since World War II is in a rapid evolution period，Various financial risks rises sharply。Prevent financial systemic risk，Make sure national financial security，Maintain a healthy and stable international financial order，Promote the establishment of a more fair and reasonable global financial governance system，It is the expectation of the international community，It is also the meaning of China's responsibility in the responsibility of the major country。 

　　China’s responsibility 

First，Four in the wealth of the global economy，The existing international financial organization has not yet formed a unified consensus and effective governance plan。Under the conditions of financial opening and floating exchange rate，Economic excessive finance in major countries can easily lead to the spread of global financial risks to spread faster and wider，Inhibiting the spread of financial and preventing systemic financial risks is the difficulty of global financial governance。The key to effective governance is to strictly define the boundary between the financial department and bet365 best casino games the physical department，Let the financial department better serve the entity department。China is building and improving its own modern financial governance system，should actively promote the Group of 20、International Monetary Fund Organization、World Bank and International Clearance Bank fully cooperate and coordinate the flow of financial capital，Strengthen the supervision of financial assets and statistical monitoring of international revenue and expenditure，Comprehensive consideration and coordinating developed countries and developing countries common financial security and financial interests，Let the international financial system truly serve the development of the global real economy。Give full play to the role of BRICS Bank and Asian Infrastructure Investment Bank，Infrastructure construction serving member states，Promote the regional financial system to better serve the global real economy。

2，Actively promote the construction and improve the global financial infrastructure，Promote the neutralization and non -politicalization of the cross -border payment liquidation system。China and developing countries are committed to improving the right to speak in the international financial governance system，Actively maintain the safety and liquidity of overseas assets in various countries。Frequent an advantage for the central bank's digital currency，Actively participate in multilateral central bank digital currency bridge cooperation，Promote the digital currency bridge towards fairness、Justice、Reasonable direction evolution。Accelerate the pace of CIPS，Actively carry out cooperation between CIPS and the EU Intex system，Pilot CIPS construction with RMB cross -border settlement、multilateral central bank digital currency bridge experiment organically combined。China wants to promote the coordination of regulatory policies，Actively participate in Bet365 app download the construction of international standards and system construction of the digital currency bridge of multilateral central banks，Promoting the central bank's digital currency global governance，Improve the institutional discourse right of digital RMB in international currency governance。

third，Practicing real multilateralism is a good recipe for solving the fragmentation problem of the international financial system。China should persist、Promote and maintain multilateral international financial system，Avoiding financial risks brought about by the fragmented impact of bilateral or regional international financial systems。In the change of the global monetary governance system，The principle of stability and efficiency，Push the US dollar -RMB -Euro -based triangular stable international payment、International settlement and international reserve system，Avoid a small currency zone with difficulty recognition and poor security in the international financial market。Promote the reform of international financial multilateral mechanism and multilateral organizations，Improve the ability and effect of the International Monetary Fund and the World Bank in global financial governance，Increases the representativeness and speech of developing countries in international financial institutions，Enhance the legitimacy of the international financial system。Accelerate the IMF capital increase reform plan，Strengthen the post -rescue function of the international financial crisis，Ensure that the financial security network resources are sufficient。Expand the financing function of the World Bank，In order to solve the development deficit increase in investment，Provide long -term stable liquidity support for the economic development of the country and region。

　(This article is the National Social Science Foundation's major project "Institutional Opening and Global Economic Governance System Innovation Research" (20&ZD061) Staged results) 

(Author Unit: Guangdong University of Foreign Studies, Guangdong International Strategy Research Institute)