Dollar Dominance of US is Waning

The Chinese newspaper Global Times said that the US, using the dollar as a tool of coercion and as a weapon around the world, will lead to the end of its hegemony.

The Global Times notes that the pressure of US sanctions on Russia is the embodiment of US hegemonic aspirations, which strengthens the desire of other countries in the international arena to reduce dependence on the dollar. These countries are looking for an alternative to the SWIFT system to avoid “monetary coercion” from the US while this momentum becomes “clearer and stronger”.

For example, China and Brazil previously signed an agreement to conduct financial and commercial transactions directly in riyals and yuan, bypassing the intermediary in the form of the dollar.

Although the dollar is still the most widely used currency in the world, an increasing number of countries will look for an alternative to it.

The paper concluded: “History teaches us that the decline of dominance often begins with its currency.”

Earlier, Kenyan President William Ruto also signed an agreement with Saudi Arabia to buy oil for Kenyan shillings instead of dollars.

Source: News

Related Stories

Leave a Reply