In March, Kenya signed an agreement with state-owned companies in Saudi Arabia and the UAE to buy oil on credit, using the countrys local currency, the shilling. I just wish people had common sense and could figure this s**t out! They believe that the dollar has long given Washington a disproportionate amount of influence over other economies and they would like to put a stop to it. A major area of focus for existing scholarship on international monetary relations, currency power, and economic statecraft has been the establishment of the US dollar as the world's dominant currency (both as the most commonly held reserve currency and as the most widely used currency for international settlement), and its . I DO agree with you that were in for interesting times ahead. Schectman, who has three decades of experience in the precious metals sector, said that the BRICS (Brazil, Russia, India, China, and South Africa) coalition could lead the charge to develop their own reserve currency which would compete against the U.S. dollar. The chair of the Financial Times editorial board and US editor-at-large, Gillian Tett, wrote that US banking turmoil, inflation and looming debt ceiling battle is making dollar-based assets less attractive. The move comes as Moscow and Beijing call for de-dollarisation in the face of Western sanctions FP Explainers April 04, 2023 13:35:58 IST China and Russia are leading the pack in the de-dollarisation drive. By the late 1960s, European and Japanese exports became more competitive with U.S. exports. Just recently, Bangladesh became the 19th country to agree to bilateral trade in Indian rupees. In fact, China contributes to the dollar's status by having more of it than any other country in its unmatched, multitrillion dollar foreign reserves and its unclear that Beijing even sought to. [44], In March 2013, during the BRICS summit, Brazil made an agreement with China to trade in Brazilian real and Chinese yuan[45] The same year, Australia made an agreement with China to trade in national currencies. China, Russia, Brazil, India, ASEAN nations, Kenya, Saudi Arabia, and the UAE are now using local currencies in trade. Nuke the United States.

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