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While the macro-geopolitical environment is spurring countries to seek alternative currencies, there's long been uneasiness over the dollar's outsized dominance in global trade and finance.Here are three other reasons countries around the world are attempting to line up plans to possibly move away from a dollar-dominated world. The US is the issuer of the world's reserve currency, which is also the dominant currency in international trade and payments systems.
It also means that countries around the world have to tail US economic and monetary policies closely to avoid a spillover impact on their economies. Some countries, including India, have said that they are sick and tired of US monetary policies holding them hostage — going as far as to say that the US has been an irresponsible issuer of the world's reserve currencies.
is now pushing to use the Indian rupee for trade — a stance that is in with Indian Prime Minister Narendra Modi's vision for the currency.The greenback gaining strength against most currencies around the world is making imports far more expensive for emerging nations. In Argentina, political pressure and a decline in exports contributed to a fall in US-dollar reserves and pressured the Argentinian peso which, in turn,This has spurred Argentina to start paying for Chinese imports using yuan instead of US dollars, the nation's economy minister said on Wednesday,"A stronger USD would weaken its role as reserve currency," economists at Allianz, an international financial-services firm, wrote in...
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