The BRICS alliance has settled 65% of trade in local currencies and not the US dollar among member nations.
  • darkernations@lemmygrad.ml
    8·
    1 month ago

    I have read that China is not getting rid of their reserve dollars overall suggesting that countries that want to trade in dollars with China can still do but it can now be done without US oversight or control? If that is the case the “de-dollarisation” effect would be much higher than the trade in the above local currencies would imply?

    /edits: clarification

    • ☆ Yσɠƚԋσʂ ☆@lemmygrad.mlOP
      9·
      1 month ago

      That makes sense yeah, China’s reserve of dollars can be used to facilitate dollar trade in cases where other currency settlements aren’t possible.