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Redefining monetary landscapes: Global agreements seek alternatives to the dollar
News Bulletin Reports
07-06-2023 | 08:22
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Redefining monetary landscapes: Global agreements seek alternatives to the dollar
A wave of agreements is spreading worldwide in recent times, aiming to avoid dealing in dollars:
The BRICS countries (Russia, China, Brazil, India, and South Africa) seek to issue a new shared currency.
The Association of Southeast Asian Nations (ASEAN) member states (Indonesia, Malaysia, Philippines, Singapore, Thailand) have agreed to enhance the use of their national currencies among themselves.
Brazil and China have struck a deal for mutual trade using their local currencies.
South Korea and Indonesia have made similar moves.
An agreement to increase the use of the Indian rupee in trade between India and Malaysia.
Pakistan aims to pay for Russian oil in Chinese Yuan.
Preliminary discussions between the United Arab Emirates and India to use the rupee in non-oil trade.
China imports liquefied natural gas from the UAE using the Chinese Yuan.
What is the driving force behind these rapid movements?
While China, the world's second-largest economy, plays a significant role in the war against the dollar to elevate the Yuan's position in the global financial system, there are agreements in which Beijing is not involved.
The primary motivation behind this trend is to counter the United States weaponization of the dollar by using it in their foreign policies and punishing their opponents with sanctions and for example, imposing US sanctions on Moscow, freezing hundreds of billions of its reserves, and excluding it from the global banking system. Similar sanctions have targeted Iran, Syria, Venezuela, and Libya.
Is the dominance of the dollar at risk?
A significant part of the war on the dollar is indeed led by China, the world's second-largest economy, pursuing a more substantial role for the Yuan in the global financial system. However, there are agreements in which Beijing is not involved.
The primary motivation behind this trend is the United States arming the dollar by using it in shaping its foreign policies and punishing its opponents with sanctions.
An example of this is the imposition of US sanctions on Moscow, freezing hundreds of billions of its reserves and excluding it from the global banking system. Similar sanctions have targeted Iran, Syria, Venezuela, and Libya over the years.
Is the dominance of the dollar at risk?
The US Treasury Secretary acknowledges the impact of sanctions on dollar transactions, stating, "There are risks when we use financial sanctions tied to the role of the dollar, which over time could undermine the dollar's dominance."
However, the United States still relies on the following factor: The dollar is used as a global currency for reasons that other countries find it challenging to find an alternative with the same characteristics, particularly in terms of legality, transparency, and liquidity.
In numbers:
- Approximately 88% of all global foreign exchange transactions are conducted in dollars.
- The dollar constitutes 60% of foreign banks' reserves worldwide, despite this figure declining from 73% in 2001.
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