After the collapse of the Bretton Woods system in the early 1970s，the international monetary system has evolved towards the diversification of currency composition and exchange rate system，but the US dollar has always been playing a leading role. At present，the global pandemic，the Ukrainian crisis and the strong dollar cycle have brought unprecedented impact on the operation of the international monetary system. In the future，the international monetary system may undergo marginal adjustment.

Main evolution trend of international monetary system under triple shocks

First，the trend of major international currencies was divided，and the position of the US dollar was strengthened in the short term. Since 2020，the trend of major international currencies can be divided into three stages.

The first stage is from the early of 2020 to the late of 2020，when the international monetary system entered the so called "pandemic  hitting period". Due to divergent pandemic prevention measures，the operation of different economies is differentiated，resulting in different trends of different currencies. During this period，the US dollar exchange rate continued to weaken and other currencies continued to strengthen compared with the US dollar. In balance of payments，the US dollar and the euro showed a trend of trade-off，with the international use of the US dollar declining by 2.08 percentage points and the euro increasing by 3.12 percentage points. In terms of foreign exchange reserves，the 1.82 percentage point decrease in the US dollar share was roughly divided by the euro，Chinese yuan，Japanese yen and British pound.