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Dedollarisation refers to countries reducing reliance on the U.S. dollar as a reserve currency, medium of exchange or as a unit of account. [1] It also entails the creation of an alternative global financial and technological system in order to gain more economic independence by circumventing the dependence on the Western World-controlled systems, such as SWIFT financial transfers network for ...
"The biggest challenge to US dollar dominance is the US itself given the mounting public debt levels and elevated fiscal deficits," JPMorgan said, in a note summarizing the webinar.
Russia's trade partners, too, are looking for ways to continue doing business with the country via alternative systems to rival the Western-led, US dollar-dominated global financial order.
The Triffin dilemma (sometimes the Triffin paradox) is the conflict of economic interests that arises between short-term domestic and long-term international objectives for countries whose currencies serve as global reserve currencies.
The dollar’s dominance in global trade and capital flow dates back at least 80 years — not just because the U.S. is the world’s largest economy, but also because oil and other essential ...
The US dollar continues to underpin the world economy and is the key currency for medium of international exchange, unit of account (e.g. pricing of oil), and unit of storage (e.g. treasury bills and bonds) and, despite arguments to the contrary, is not in a state of hegemonic decline (cf. Fields & Vernengo, 2011, 2012).
Russia is seeking to convince BRICS countries to build an alternative platform for international payments that would be immune to Western sanctions when it hosts the group's leaders at a summit ...
The US dollar's position in global reserves is often questioned because of the growing share of unallocated reserves, and because of the doubt regarding dollar stability in the long term. [ 23 ] [ 24 ] However, in the aftermath of the 2008 to 2010 financial crisis, the dollar's share in the world's foreign-exchange trades rose slightly from 85% ...