Asean, Middle East, India hop onboard the ‘De-dollarisation Express’

Experts say BRICS nations and other emerging economies will face hurdles to supplant the US dollar in global trade.

According to the International Monetary Fund , the dollar’s share of global foreign exchange reserves fell below 59% in the final quarter of 2021, extending a two-decade decline.What really accelerated de-dollarisation was the West’s “shock and awe” sanctions imposed in the wake of Russia’s special military operation against Ukraine in February 2022.

Brazil and China also announced at end-March they had agreed to no longer use the dollar and would instead settle trade in local currencies. This sent shockwaves to the US as bilateral trade between Brazil and China hit a record US$150 billion last year. It needs to be emphasised just how historic this is: For five decades, virtually all energy from the Persian Gulf was sold in US dollars. Now China is buying a French company’s LNG from the UAE in yuan. The US economic hegemony that heavily relied on the petrodollar system since the 1970s appears to be breaking apart.

When Asean finance ministers and central bank governors met in Indonesia on March 28, top of the agenda was discussions on reducing dependence on the US dollar, euro, yen, and pound sterling from financial transactions and shifting to settlements in local currencies. “However, when you frame decisions made by India and China within the backdrop of the war, there are evident geo-political underpinnings in the decision to bypass the greenback.”

good .because must teach US

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