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Backlash against weaponized dollar is growing across the world
Michelle Jamrisko and Ruth Carson
Bloomberg News
via Yahoo News, Sunnyvale, California
Friday, June 2, 2023
All around the world, a backlash is brewing against the hegemony of the US dollar.
Brazil and China recently struck a deal to settle trade in their local currencies, seeking to bypass the greenback in the process. India and Malaysia in April signed an accord to ramp up usage of the rupee in cross-border business. Even perennial US ally France is starting to complete transactions in yuan.
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Currency experts are leery of sounding like the Cassandras who have, embarrassingly, predicted the dollar’s imminent demise on any number of occasions over the past century. And yet in observing this sudden wave of agreements aimed at sidestepping the dollar, they detect the sort of meaningful action, however small and gradual, that was typically missing in the past.
For many global leaders, their rationales for taking these measures are strikingly similar. The greenback, they say, is being weaponized, used to push America’s foreign-policy priorities -- and punish those that oppose them. ...
... For the remainder of the report:
https://finance.yahoo.com/news/putin-war-ignites-backlash-against-040100975.html
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