Sorry, deals between nations will exist using non-dollar currencies, but the majority of the world doesn’t trust the currencies of other nations. Too much manipulation of the value of the currency involved.
ESPECIALLY the Yuan.
Yeah, say what you will about the dollar but it’s the least smelly shirt in the laundry.
Over the last two decades, the United States dollar has lost 12 percentage points of market share falling from 71% to 59%, according to the International Monetary Fund.
The India-based Megh Updates platform, one of the world’s largest online informational platforms in terms of views, has stated that BRICS countries have officially overtaken G7 in share of world PPP GDP, and that this trend can be expected to continue.
The BRICS is also expanding – Bangladesh, Egypt and the UAE have all just joined the BRICS New Development Bank, with numerous other countries poised to do the same.
The current BRICS five now contribute 31.5% of global GDP, while the G7 share has fallen to 30%. The BRICS is expected to contribute over 50% of global GDP by 2030...
It’s about to accelerate.
Gold, silver, platinum, oil, lithium, rare-earth minerals- backed BRICS currency may weather the storm if anything can.
Zee News
Check List Of Countries Agreed To Trade In INR
3/17/23
“List of countries allowed to trade in Indian rupees
- United Kingdom
- Malaysia
- Russia
- Singapore
- New Zealand
- Sri Lanka
- Myanmar
- Botswana
- Israel
- Fiji
- Oman
- Germany
- Kenya
- Guyana
- Mauritius
- Seychelles
- Tanzania
- Uganda
So there will be a Petroyuan allowed for Saudi oil, the tuan looks like will it increase its share globally, as will the rupee, and the ruble appears will do the same
The Saudis hold billions upon billions of U.S. dollars and there is no upside for them in devaluing or crashing the dollar.
They certainly are not going to convert their dollars to yuans.
The US buck usage is down to 59% worldwide from 72% a short few years ago.
The strong dollar is really harming other countries economies along with the realization that the administration has now weaponized the US buck. The de-dollarization has been ongoing since 2011 or thereabouts. It is swiftly increasing as more countries are looking to disengage.
This is a problem that is growing. It isn’t going to go away and the more the US tries to use force, (and stupidity as evidenced by Biden toward the Saudis) the more the problem will grow.
China has been making huge inroads in diplomacy. The BRIC countries are cognizent of America’s weaknesses abroad and certainly, at home. The divisiveness is playing the citizens against each other.
George W Bush did a great deal for African countries. Biden is giving billions for climate change and healthcare, but in whose pockets the money lands, who knows.
Much of US money and policy is squandered along with good will which is sorely lacking toward the US at this point.
I certainly do not want the US to lose its primacy. However, the harder the US grasps, the more power slips through the fist. This is a behemouth lashing out. It will not end well.
It’s going to the Yaun, it will take a couple more years. Biden just f***ked it up with Saudi Arabia. Who doesn’t he do that with, although it’s really Obama. Never let a foreigner be over you.