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The de-dollarization delusion – US dollar’s dominance is here to stay. For the dollar to be removed as reserve currency, a freely traded and convertible alternative, used widely &easily for trade, reserves and finance, would need to emerge. There is None . https://t.co/lqp39GzhcZ
— Jay T (@Jay83214566) April 18, 2023
The yuan’s share of trade finance has more than doubled since Russia invaded Ukraine. The currency’s share of trade financing on the SWIFT (Society for Worldwide Interbank Financial Telecommunication) banking system grew from under 2% in February 2022 to 4.5% in February 2023 /2
— simonthong aka kitty poo (@KittyPo80176717) April 19, 2023
Given that China is the world’s largest goods-trading nation, it’s remarkable that the yuan takes up such a small share of trade financing, indicative of the difficulties in internationalizing the currency and the continued status of the dollar as reserve currency. /4
— simonthong aka kitty poo (@KittyPo80176717) April 19, 2023
And if that’s true of the euro, imagine how much truer it would be of a BRICS currency – a fanciful idea that would attempt to unite widely divergent economies into a monetary union with little fiscal or political unity. /6
— simonthong aka kitty poo (@KittyPo80176717) April 19, 2023
This hardy seems to be a widely traded, trusted, or valued currency that financiers, businesses, and governments would use in their transactions. /8
— simonthong aka kitty poo (@KittyPo80176717) April 19, 2023
— simonthong aka kitty poo (@KittyPo80176717) April 19, 2023
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weehingthong 