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De-Dollarization: 40 Countries Ready To Abandon the US Dollar
De-Dollarization: 40 Countries Ready To Abandon the US Dollar
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China’s central bank, the People’s Bank of China, has signed agreements with more than 40 countries to use the yuan for trade. As a result of the development, the share of the yuan as a global currency has risen from 2% in 2019 to more than 4.6% in April 2024. The development casts light on the growing de-dollarization trend. One of the most significant reasons for many nations opting out of the dollar is Western sanctions. Sanctioned countries are among the first to use national currencies for trade. Russia and Iran, two of the most sanctioned countries, have officially ditched the US dollar. Both Russia and Iran are part of the BRICS bloc of countries. BRICS nations have taken a strong step towards de-dollarization.
