De-dollarization Picks up Pace Amid Bigger Yuan Role
Since the start of 2023, many “de-dollarization” events have taken place.
Russia and Iran jointly announced the launch of cryptocurrencies for international trade. Saudi Arabia gave approval for selling oil in currencies other than the US dollar. Argentina and Brazil planned to establish common currencies. Brazil and China agreed to stop using the US dollar as an intermediate currency.
The term “de-dollarization” has become worthy of some real focus, especially at a time when the globalization of the Chinese renminbi is on an uptrend.
Heating up
There are two key short-term reasons why de-dollarization has picked up pace.… Click here to continue reading this article