From Brazil to Southeast Asian nations, more and more countries are calling for trade to be carried out in other currencies besides the U.S. dollar.
More and more countries — from Brazil to Southeast Asian nations — are calling for trade to be carried out in other currencies besides the U.S. dollar.
To be clear, the U.S. dollar remains dominant in global forex reserves even though its share in central banks' foreign exchange reserves has dropped from more than 70% in 1999, IMF data shows. Geopolitical risks and economic dynamics have accelerated the trend to move away from the U.S. dollar.More and more countries — from Brazil to Southeast Asian nations — are calling for trade to be carried out in other currencies besides the U.S. dollar.
The U.S. dollar has been king in global trade for decades — not just because the U.S. is the world's largest economy, but also because oil, a key commodity needed by all economies big and small, is priced in the greenback. Most commodities are also priced and traded in U.S. dollars.to fight domestic inflation, many central banks around the world have raised interest rates to stem capital outflows and a sharp depreciation of their own currencies.
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