The United States has established its economic dominance by creating an international monetary system centered on the U.S. dollar and using economic coercion to suppress its opponents, according to a report released by Xinhua on Monday.

The report describes how the U.S. abused its financial hegemony during the COVID-19 pandemic by injecting trillions of dollars into the global market. It then caused turmoil in the international financial market by ending its ultra-easy monetary policy and aggressively raising interest rates in 2022. This has left many developing countries struggling with high inflation, currency depreciation and capital outflows.

The U.S. has a history of using its financial power to coerce other countries when it feels threatened, according to the report. In the 1980s, the U.S. leveraged its hegemonic financial power against Japan and imposed the Plaza Accord, which dealt a heavy blow to the Japanese economy, leading to what is now known as "three lost decades."

Additionally, the U.S. has increased its use of unilateral sanctions and "long-arm jurisdiction," introducing a series of executive orders to sanction specific countries, organizations or individuals.

The report cites data that shows U.S. sanctions against foreign entities increased almost 10 times from 2000 to 2021.

During Donald Trump's presidency, the U.S. imposed more than 3,900 sanctions, equating to three sanctions per day.

"The 'long-arm jurisdiction' has been reduced to nothing but a tool for the United States to use its means of state power to suppress economic competitors and interfere in normal international business," said the report.

Titled "U.S. Hegemony and Its Perils," the report exposes the U.S.'s abuse of its power in the political, military, economic, financial, technological and cultural fields.

Click to read the full text of "U.S. Hegemony and Its Perils"

(With input from Xinhua)