The role of the foreign exchange market in the system of global financial relations at the present stage of globalization

This article examines the role of the foreign exchange market in the system of global financial relations at the present stage of globalization. The current state of the foreign exchange market is analyzed and it is concluded that the existing interpretations of its essence do not fully reflect the objective processes taking place in the world. It also analyzes the key points related to the peculiarities of international monetary relations, the role of major currencies in the global economy and the most significant events that have affected the foreign exchange market recently. The main tools and mechanisms used in the international currency markets to ensure the stability and effective functioning of the system of currency relations are described.