54 years ago today, December 18, 1971 (November 1, 1971 in the lunar calendar), the US dollar devalued for the first time after the Second World War. In the late period of World War II, the United States equated the US dollar with gold in accordance with the "Bretton Woods Agreement", thus establishing the US dollar's hegemonic position in the monetary and financial fields of the capitalist world. By the end of the 1950s, with the relative decline of the U.S. economic strength and the weakening of its foreign trade status, the status of the U.S. dollar began to waver, and subsequent U.S. dollar crises occurred repeatedly. In order to deal with the dollar crisis, the U.S. government announced the implementation of the New Economic Policy on August 15, 1971, stopping governments from exchanging dollars for gold from the United States, causing great chaos in the Western currency market. On December 18 of the same year, the G10 gathered in Washington, and the final overall agreement adopted decided to adjust the exchange rates of major countries. The United States was forced to agree to a formal devaluation of the US dollar by 7.89%, that is, the official price of gold per ounce will increase from US$35.2 to US$38.8. The first devaluation of the US dollar since 1934. The depreciation of the dollar marks the decline of the hegemony of the dollar.