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Blockage of Russian Bond Payments to Erode Dollar Dominance, French Economist Says_我的网站
一 | "Such a blockage is not a default and the financial world knows it very well. Russia is, of course, willing to pay. It is fundamentally illegal and the bond holders around the world that are hit by this 'sanction' imposed by the US and the Europeans could and should file a complaint in international courts," he said.,The Paris-based financial expert suggested they would have a strong case for winning but the legal battle would probably take 5 to 10 years.,Gave said he was confident that Russia had ample cash to pay. Until now, the Russian central bank has always found a way to bypass Western financial curbs to pay to foreign bond holders but in this instance, he said, it seems Russia tried to pay in rubles but the bonds in question do not allow payments in other currencies than the dollar.,Russian Finance Ministry Dismisses Media Reports on 'Default', Says Payments Made in Full10:43 GMT,"The Russian currency is at its strongest level against the dollar since May 2015... So the value of the ruble is not in question. What is in question is the Western financial sanctions that will have heavy repercussions for the West too," the economist predicted.,Blockage of Russian Bond Payments to Erode Dollar Dominance,The freeze of Russian payments on Eurobonds by Washington and European capitals may lead to the dollar losing its dominance in international transactions, Gave added.,"The main result will be a reluctance around the world to use the dollar as the currency for international exchanges. It will be the same for the euro.",The financial expert said that the blockage was intended to warn off the financial world from doing business with Russia but it merely showed that domestic currencies were a safer means of transactions.,“If major deals will be struck tomorrow between Taiwan and Korea, it will not be in dollars anymore, but in one of their national currencies. The result will be the end of the dominance of the US dollar," Gave said.,"As for Russia, it will redirect its international bond issuance via Chinese banks in Shanghai, Beijing or other places around the world. This will, above all, be detrimental for the US and European financial markets," he suggested.,Sanctions imposed on Russia since February have had a very limited effect on its economy and have boomeranged home to hit Europe. Gave suggested that the continent was heading for a huge economic crisis this fall, with a possible return to the stagflation of the 1970s.,“The Western sanctions are already being the boomerang that could be feared: if Russia stops altogether to deliver gas to Europe, the economic crisis in Europe this fall will be huge. We paid our energy in euros to Russia? We’ll now pay it in dollars to Qatar or the US," he said.,US news agencies have labeled it Russia's first default on external debt since 1918. Russia has argued that it not a genuine default since it can and is willing to pay and accused international financial institutions of blocking payment transactions. The Finance Ministry has also stressed that payments have been made in full and in accordance with the terms under which the eurobonds were issued.。
A short drama crew films a wedding-themed scene at a traditional residence in Yuanqiao village. Photo: Courtesy of Yuanqiao village
Yang Ni, a villager from Yuanqiao in Dengfeng, Central China's Henan Province, still remembers the nervous excitement of facing a slowly advancing camera for the first time. Now, she shifts with ease between roles, from a maidservant trailing a heroine in a historical drama to a famine-struck villager before the People's Republic of China was set up in 1949.
Experiencing so many lives within various screenplays, Yang said that short dramas have transformed not only her life, but also the ancient village she calls home.
Yuanqiao, a small village with a history that traces back over 600 years, has welcomed more than 70 short drama crews in recent years. The creators have captured every angle of the village's traditional courtyards, winding alleys, and gently rising cooking smoke. Locals have grown used to exchanging their daily farm clothes for costumes between busy seasons, giving life to lively townsfolk on vertical screens.
Yuanqiao village's revitalization is not just a story told through the camera lens. Si Jianbin, responsible for short drama coordination in the village, told the Global Times that the changes brought by short drama filming are visible in many ways.
With traditional buildings serving as natural film sets, once-abandoned houses, crumbling village walls, and old opera stages have been repaired and preserved. This has renewed villagers' sense of cultural stewardship. The arrival of drama crews has also broadened job opportunities for local youth; more young people are now choosing to stay or return home, breathing new life into the village.
Si noted that challenges also persist. The swift rise of AI-generated dramas is reducing demand for real-life shoots, and the number of visiting productions in the village has started to drop. Still, Si remains confident, noting that the village's authentic architecture meets the growing demand for high-quality short dramas. He said that leveraging this unique match will secure a promising future for revitalizing rural areas through film.
Changed villages
"For years, I only saw our old houses as broken-down obstacles; after filming, I realized every brick and tile is our cultural heritage," Yang said. Having played a background actor in numerous dramas - from period pieces to modern stories - she and her neighbors now see their ancient city walls, opera stages, temples, and homes through new eyes.
Some once-vacant houses have found new purpose as meticulously arranged sets, bearing witness to love stories or family feasts. One courtyard, frequently appearing in short dramas, is adorned with red lanterns and paper cuttings to express joy. Villagers redecorate it for shoots, blending cheerful ambiance with authentic period feel.
Today, Yuanqiao's residents - all from toddlers to seniors, even family donkeys and dogs - have become "stars" on camera. People farm during the busy season, then slip into costumes to perform, seamlessly shifting between fields and film sets.
Younger villagers have found new skills and work too. Si noted that more than half of local youth have acted as extras, with some job-seeking college graduates now learning editing and computer skills from the drama teams, opening the door to steady work in short film production.
The economic benefits for the village are clear. Si pointed out that village income grew from 4 million yuan ($593,330) in 2024 to over 5 million in 2025, a 20 percent of increase thanks to short drama filming. Most villagers have seen their annual incomes rise by around 5,000 yuan as a result.
Traditional crafts once on the verge of disappearing - such as paper-cutting and basket-weaving - are also reviving. Villager An Qing'e, known for her hand-woven flower baskets, was discovered by a filming crew and soon found online customers for her props.
Tourists, too, are seeing the village in a new light, as site visiting becomes an immersive experience. They are no longer fleeting passersby, but participants in the living stories of the ancient village.
The sets created for filming repurpose historical spaces, allowing visitors to step into the joys and sorrows of different eras.
This phenomenon is not limited to Yuanqiao village. The unique needs of rural and historical short dramas perfectly match the spaces and cultural resources of China's villages. Other places, such as Hujiaxi in Yuanling county, Central China's Hunan Province, and Nanhu in Jinyun county, East China's Zhejiang Province, are attracting drama crews and experimenting with a rural revitalization approach combining short drama with agricultural and cultural tourism.
Seeking the irreplaceableStill, the path for rural short dramas is being tested by the realities of the market.
The rise of AI-generated content is quickly diverting orders away from real-location shoots. Si said that after peaking at 35 crews in 2025, the number shrank to one or two per month in Yuanqiao village by 2026.
Even so, Si sees a hopeful future. While AI short dramas win on low-cost virtual settings, China continues to encourage the creation of well-crafted real-life dramas through supportive policies.
There is a lasting appeal in the atmosphere, sense of history, and human vitality that only real villages can provide - qualities virtual images cannot match. As audiences and studios increasingly seek authenticity and quality sets, villages like Yuanqiao have lasting room to grow.
Zhang Peng, a cultural researcher and associate professor at Nanjing Normal University, told the Global Times that the rise of AI-generated short dramas is reshaping the industry. However, this does not mean villages will lose out on the benefits brought by filming. On the contrary, when the bubble fades, truly valuable villages may be in even greater demand.
Their core competitiveness is not just cheaper venues, Zhang explained, but their unique local culture, authentic lifestyle, and the fusion of online and offline tourism experiences.
"To keep these benefits, villages should not compete with AI on cost and efficiency," Zhang noted. "Instead, they must redefine their own irreplaceability in the production chain."
Ding Daoshi, a veteran internet analyst, offers a word of caution: short dramas change fast, and their impact rarely lasts as long as movies or TV series. For villages, the key to sustainable development is leaning on their unique heritage and not just short dramas.
By finding their own irreplaceable assets and combining them with the energy of film, they can secure their future for the long haul.
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