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Top 5 countries opting to ditch US dollar & the reasons behind their move [Copy link] 中文

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Post time 2020-1-5 18:49:52 |Display all floors
  The ongoing trade conflict between the United States and China, as well as sanctions against Beijing's biggest trading partners have forced China to take steps towards relieving the dollar dependence of the world's second-largest economy.

  Delhi switched to ruble payments on supplies of Russian S-400 air-defense systems as a result of US economic penalties introduced against Moscow. The country also had to switch to the rupee in purchases of Iranian crude after Washington reinstituted sanctions against Tehran. In December, India and the United Arab Emirates sealed a currency-swap agreement to boost trade and investment without the involvement of a third currency.Taking into account that India is the third-largest country by purchasing power parity, steps of this kind could considerably diminish the role of the greenback in global trading.

  Turkey's leader announced that Ankara is preparing to conduct trade through national currencies with China, Russia and Ukraine. Turkey also discussed a possible replacement of the US dollar with national currencies in trade transactions with Iran.
   Once a top-10 holder of US sovereign debt, Russia has all but eliminated its holdings of US Treasuries. Moscow has used the money to boost the nation's foreign reserves and to build up its gold stockpile to stabilize the ruble.




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