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India Rejects De-Dollarization While China Pushes Yuan as Alternative
India Rejects De-Dollarization While China Pushes Yuan as Alternative
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The BRICS bloc’s search for a dollar alternative gains momentum, with China aggressively promoting the yuan. India’s External Affairs Minister Dr. S. Jaishankar reaffirmed commitment to the USD, citing its role in global stability. This divergence highlights the dollar’s entrenched position despite growing sentiment against its dominance.
China’s yuan faces structural hurdles in challenging dollar hegemony, while India’s stance reflects pragmatic considerations of trade and financial systems. The ex-RBI Governor’s truncated quote suggests unspoken reservations about rapid de-dollarization among emerging markets.
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