A ‘growing club’ of ‘very powerful countries’ is steering away from using the dollar
PUBLISHED WED, OCT 30 20197:27 PM EDT
UPDATED THU, OCT 31 20191:35 AM EDT
- The U.S. dollar has been the world’s major reserve currency for decades, but that status could come under threat as “very powerful countries” seek to undermine its importance, warned Anne Korin, from the Institute for the Analysis of Global Security.
- Korin says China, Russia and the European Union are some “major movers” behind this push.
- One of those reasons driving their shift away from the dollar is the prospect of being subject to U.S. jurisdiction if they transact in dollars.