Abstract:

In the late 1950s, the Eurodollar market centered around the City of London gradually formed. This was the world’s first offshore financial market after WWII. The dominant position of the City was due to the interaction of multiple factors, among which the special relationship of Anglo-American and the historical conditions of London were the foundation, and the changes in the international situation were important external factors. Through the efforts of the British authorities and London’s financial elites, the Eurodollar market centered around the City had a significant impact on international financial development, and also enabled the City to embark on the path of international transformation, revitalizing its position as an international financial center. The Eurodollar replaced the Sterling as the main international reserve currency of the City, consolidating and strengthening the hegemony of the US dollar, accelerating the process of Anglo-American financial integration, promoting the collapse of the Bretton Woods system and the liberalization of global financial.

SONG Chen is a researcher of School of History and Culture, Shanxi University. His research is mainly about modern history an American history.

Published on Economic and Social History Review, Issue 1, 2024.