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>Yes, there's been a substantial decline in the use of the dollar, but that's not because some other currency is shooting up to take its place. It looks like co
by 0xDEF 3y ago
>Yes, there's been a substantial decline in the use of the dollar, but that's not because some other currency is shooting up to take its place. It looks like countries are diversifying their portfolios, not fleeing the dollar for another currency.
The bulk of the "diversifying their portfolios" is being done by China. The de-dollarization happening in other countries is a rounding error.
Generally it is misleading to talk about the rise of "BRICS" and the "Global South". In most contexts it is only China that is relevant and the other countries are rounding errors.
- thriftwy 3y agoRussia has a good incentive to dedollarize now. It's actually harder for China because holding Yuan is not an option for them.
- generic92034 3y agoAnd I think it is misleading to treat a country like India, with the 5th highest GDP in the world, as rounding error.
- bryanrasmussen 3y agoI think the rounding error is in relation to the amount of de-dollarization happening in these countries.