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Both represent a global shift in power. Dedollarization doesn't happen overnight. Even though this chart suggests the move is happening quickly. Some of the th
by instagraham 3y ago
Both represent a global shift in power. Dedollarization doesn't happen overnight. Even though this chart suggests the move is happening quickly.
Some of the things that have been happening are grossly underreported on, like this:
https://thewire.in/diplomacy/india-signs-deal-to-adopt-moscows-spfs-system-for-banking-payments-to-russia-report https://thewire.in/diplomacy/india-signs-deal-to-adopt-mosco...
Let's assume you wanted a route to send/receive money from Russia now, you could do so via India - a country in the good books of both Russia and the West.
Iran has been settling oil sales to China in Yuan more and more over time: https://www.silkroadbriefing.com/news/2023/02/21/iran-increasing-use-of-chinas-rmb-yuan-in-international-trade/ https://www.silkroadbriefing.com/news/2023/02/21/iran-increa...
Assuming the dollar gets replaced by one reserve currency is the fallacy. Like with geopolitics, we're seeing a multipolar world return.
- ROTMetro 3y agoYou point to a sanctioned country where India has no choice but to figure out a new system and a move the the Yuan, a currency pegged to the dollar (so still trading in dollars, just in a really convoluted way). Not sure this shows anything?
- godelski 3y ago> Both represent a global shift in power. Yes, but there's a difference between a shift of power from one entity to another and a shift of power from one entity to many entities (distributed). That's what the people above you are saying. Tldr: Swap != diversification
- DANmode 3y ago> The greenback’s share in global reserves slid last year at 10 times the average speed of the past two decades
- ROTMetro 3y agoI'll just leave this here: https://markets.businessinsider.com/news/currencies/russia-dollar-currencies-india-yuan-rupee-china-trade-sanctions-moscow-2023-5 https://markets.businessinsider.com/news/currencies/russia-d...