Everyone pays attention to the number of countries involved and percentage of the population, and yet excludes the most important metric: How much trade, in dollar valuation stands to be affected... it's marginal, almost nothing over a year, especially in comparison to dollar-dominated daily trade on Forex markets. The dollar is up almost 7% against the Yuan since January this year. Don't even mention the Rand... the dollar is up almost 25% against the rand in the same period. De-dollarization is an agenda-driven narrative... quite similar to the SEC-driven narrative against Crypto. It's rather disappointing how the Crypto community has lapped this up. True de-dollarization is quite a way off.
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I agree. There is no way dollar is letting go its dominance especially when almost all international trade happens in dollar. Russia traded with India in their native currencies and they don't know how to deal with the Indian Rupee reserved that they have in billions.
It is all about political optics and narrative. That also means dedollarization is many moons away and is being raised by countries as a bargaining narrative. Let's see how this evolves.
One thing is for certain though, the political hegemony of the West is being challenged here. We have to wait to figure out how successful this narrative will be.
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It is the US that wants de-Dollarization.
Read this article (it was written in 2014, no one would believe in de-Dollarization if someone had said this back in 2014, but now it is the talk of the town)--
https://www.nytimes.com/2014/08/28/opinion/dethrone-king-dollar.html
And U know who is Jared Bernstein? And what position he holds now?
In Geopolitics, things are not explicit neither they will pinpoint a particular objective or outcome, U always need to connect the dots to explore that outcome.