China, Russia, and countries in the Middle East and South Asia are trying to move away from oil settlement in dollars. China and Russia are promoting their national currencies in the oil trade.
The United States dollar, commonly referred to as the US dollar or simply the dollar, is the official currency of the United States of America. It is also the most widely used currency in international transactions and serves as the world’s primary reserve currency. Or at least up until now, it used to.
The US dollar was first authorized by the Continental Congress in 1775 and has since undergone various changes in value. The US dollar’s status as the world’s reserve currency is due in part to the stability of the US economy and the perceived safety of the US government’s financial system. As a result, many countries hold large amounts of US dollars as a form of currency reserve.
However, despite its widespread use and stability, the US dollar is not without its criticisms. Some argue that the dollar’s status as the world’s reserve currency gives the US too much economic and political power. Excessive money printing, results in the devaluation of the dollar if not properly managed. Is a global U.S. de-dollarization occurring?
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What’s happening now?
Central banks (especially Russia and China) have bought gold in bulk at the largest pace since 1967. Countries are looking to diversify their reserves away from the dollar it seems. Despite this, foreign countries still hold 60% of the U.S. reserve currency.
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