Can Latin America Achieve De-Dollarization? Let’s Take a Look at What Experts Say

In recent years, people started to talk about de-dollarization . Several nations have begun working displace the US dollar as the dominant reserve currency worldwide . And although the idea of de-dollarization has been spoken about before, recent developments have bolstered the likelihood that it will happen this time, albeit slowly at first .

Russo-Chinese Rapprochement Accelerates De-Dollarization

Everything picked up speed when China and Russia inked a trade deal that abandons the US dollar in favor of the Chinese yuan . At the same time, BRICS countries (Brazil, Russia, India, China and South Africa) announce plans to launch a new reserve currency as part of a new economic system .
These happenings joined others across Africa, the Middle East, Europe, and Asia. Since the Bretton Woods accords, the United States has dominated international finance via its currency and the SWIFT system . Due to “the use of the dollar as a political and economic tool to impose itself on other countries” as the French journalist Renaud Girard recently revealed, this area has started to run out since the Russo-Ukrainian war .

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