Abstract:As a hegemonic system, the bet365 tennis bet centered on the US dollar is inherently unstable，The bet365 tennis bet has never been able to form a truly diversified structure。Through the theory of hegemonic stability、Criticism of Balance of Power Theory and International Monetary Power Theory，Qualitative and quantitative analysis combining international financial theory，Carry out research from the perspective of the mutual impact of U.S. government debt pressure and the international credit of the U.S. dollar，It can be found that there is a peaceful path to the reform of the bet365 tennis bet、Gradual market evolution path。Under market conditions，The increasing public debt of the U.S. government has become one of the important factors leading to the decline in the international credit of the U.S. dollar，The declining international credit of the U.S. dollar and the continued rise of other international currencies will push officials of various countries to reduce their holdings of U.S. Treasury bonds、Reduce US dollar reserves，Thus causing an increase in U.S. medium and long-term Treasury bond interest rates、Increased financial pressure，Ultimately forming a self-reinforcing cycle in which the bet365 tennis bet moves from hegemony to pluralism。The scenario simulation shows the potential impact of the reduction of U.S. debt holdings on U.S. finance under market conditions and the dynamic path to promote the diversification of the bet365 tennis bet。

　Keywords:Reduction of U.S. debt holdings, currency internationalization, bet365 tennis bet, dollar hegemony

　　AuthorLiu Dongmin，Associate Professor, School of Applied Economics, University of bet365 tennis bet Academy of Social Sciences (Beijing 102488)；Song Shuang，Assistant Researcher at the Institute of World Economics and Politics, bet365 tennis bet Academy of Social Sciences (Beijing 100732)。