De-Dollarization: New Country Emerges To Abandon the US Dollar
China and Russia kick-started the de-dollarization agenda in 2022 convincing other countries to sideline the US dollar for trade. Several developing nations are jumping on the de-dollarization bandwagon by putting local currencies ahead of the US dollar. The development adds pressure on the USD’s prospects as it loses out on the global supply and demand mechanism. Local currencies are looking to topple the US dollar from the world’s reserve currency status and usher into a new economic era. They aim to level the playing field by giving every currency a chance to make it to the top. Emerging economies now believe that their growth is stunted because the US dollar is in the way of their progress. Therefore, de-dollarization is the only option to safeguard their native economies and bolster their national GDPs. Also Read: Trump’s 25% Tariffs Trigger Oil Price Spike But a 40% Crash Could Follow De-Dollarization: Indonesia Emerges As New Player to Sideline the US Dollar Source: J...