The abundance of dollar liquidity, which turned out to be in circulation after the beginning of the quantitative easing policy, no longer suits the American financial authorities. The US Treasury has embarked on a new wave of withdrawing from circulation of dollars, which the market was inundated during the crisis of 2008-2009. The withdrawal occurs through the introduction of new volumes of government debt securities. This week, the US Treasury intends to sell bonds at $ 265 billion, which is a record value since 2010. Instead of "green papers" investors will be offered two-year notes for $ 33 billion, five-year notes - $ 36 billion and seven-year notes for $ 30 billion. The decision on the need to withdraw dollars was taken by the US Federal Open Market Committee in September last year. According to the plan of the Committee members, dollar liquidity, which abundantly poured into the markets after the crisis of 2008. , moving up indices of shares and the debt market, should be withdrawn from the system and de facto destroyed. In the opinion of American financial officials, the excess of easily available dollars caused large-scale speculation and the formation of market bubbles. So, in August, stock indices in the US set historical highs: the S & P500 index added 16% from November and never fell more than 3%. In the framework of the quantitative easing programs undertaken in response to the global crisis of 2008, the Federal Reserve for the world market poured out about $ 3.5 trillion. As a result, the financial system has been flooded with free cash resources that have poured into the markets and caused their rapid growth. Now the Fed will try to "burn" all this excess of crazy money in any available way. How does the American initiative threaten developing markets, including Russia? "I think it threatens with a new round of outflow and further strengthening of the dollar," explained the Vice-President of the Golden Mint House Alexei Vyazovsky. - Since the beginning of the year, the dollar index in relation to the 16 leading world currencies has set a record of growth and obviously new giant placements of debt securities only contribute to this trend ". However, according to the expert, the Russian ruble has a "wand-zashchalochka".

These are oil prices, which, despite the growth of the dollar, remain at a high level. "Although the correlation between the ruble and black gold has decreased, nevertheless it still remains high," said the expert.. - So the fall of the domestic currency is not worth waiting for. The current levels look quite reasonable until the end of spring ". At the same time, life does not stop at the end of spring alone, and the question of what the exchange rate of the Russian currency will turn out to be in the second half of this year does not seem idle. And here we need to look at global trends that do not promise the ruble anything good.

To date, it is finally clear that the US intends to drastically change the global financial architecture, moving from a weak dollar strategy to a strong dollar strategy. This is organically combined with the aspirations of Trump to return with the US producing economy. The massive withdrawal of dollar liquidity from the market is a confirmation of this.

For all other countries, this will mean a gradual increase in the exchange rate of the US dollar and a decrease in their own currencies relative to it. And Russia is not an exception here.