ASEAN Declares No Plans to Abandon US Dollar in Major Financial Decision

ASEAN draws line in sand - dollar dominance continues despite de-dollarization chatter.

The Regional Stance

In a move that's shaking up currency markets, ASEAN nations collectively confirmed their commitment to the greenback. The announcement comes amid growing global discussions about alternative reserve currencies - though apparently nobody told the traditional finance crowd that digital assets are already providing the real alternatives.

Market Implications

While politicians debate fiat currencies, smart money continues flowing into decentralized alternatives. The dollar might be sticking around for now, but blockchain doesn't need permission to disrupt the status quo. Another case of legacy finance playing catch-up while crypto builds the future.

ASEAN Will Not Ditch the US Dollar, Confirms Secretariat

Standard Chartered’s Global Head of Research and Chief Strategist Eric Robertsen said that ASEAN cannot challenge the US dollar. He explained that the greenback has solid global backing and local currencies are no match for its market supremacy.

said Robertsen.

He also added that import and export businesses in the ASEAN region predominantly use the US dollar for transactions. Local currencies play no prominent role due to their weakening value. The greenback commands a larger share of the market, and moving away is a herculean task.

said Robertsen.

Natixis’ Asia-Pacific Chief Economist, Alicia García-Herrero, also agreed that ASEAN will find it hard to MOVE away from the US Dollar.she said.