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De-Dollarization Accelerates in Asia as BRICS and Local Currencies Challenge USD Dominance
De-Dollarization Accelerates in Asia as BRICS and Local Currencies Challenge USD Dominance
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Asia's financial landscape is undergoing a seismic shift as de-dollarization gains momentum. The US dollar has weakened over 9% against major currencies, prompting BRICS nations and regional initiatives to accelerate currency substitution efforts. Bloomberg's Stephen Chiu notes this marks an unprecedented challenge to dollar supremacy, with markets reacting through simultaneous sell-offs in USD, Treasuries, and equities.
Taiwan's dollar surged 10% in two days, exemplifying the regional trend. JP Morgan data shows the USD's share of FX reserves declining steadily, while CoinGecko charts reflect changing global currency preferences. The movement builds on decade-long de-dollarization efforts but has reached critical velocity in 2024.
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