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.
Standing at a podium surrounded by the flags of Brazil, Russia, India, China and South Africa, the so-called BRICS nations, he called on the world’s largest developing economies to come up with an alternative to replace the greenback in foreign trade, asking “who decided that the dollar was the currency after the end of gold parity?” He was harkening back to the early 1970s, when the post-WWII accord — known as Bretton Woods — that had made the dollar the center of global finance was unraveling.
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