Of major powers to mutual settlements in national currencies can finally undermine the positions of the US dollar, because once, say, the same Russia and China will show that it is quite possible to abandon the dollar, especially against the background of the fact that the US is pushing it by its actions, many other countries will certainly follow suit. This is about the same effect as the “bad example” that Greece’s exit from the euro area could become.
The gradual transition..
The fact that China actively promotes the yuan for inclusion in the list of IMF reserve currencies, as well as the formation of new development institutions, including the Asian Bank for Infrastructure Investments, the SCO Bank, the Bank and the BRICS pool of foreign exchange reserves, also prevent the dollar from maintaining its leadership positions. In particular, currency swaps between the central banks of the BRICS countries will certainly contribute to the growth of mutual trade, with the US dollar being completely excluded from foreign trade operations between the member countries.
An additional incentive to avoid the dollar in foreign economic operations is the “special” geopolitical predilections of the United States, which often led to the expropriation of foreign funds.
Significant and alarming signals were the recent unprecedented large-scale extra-territorial sanctions against European and other financial institutions by the US authorities.
Let’s recall the loud and demonstrative stories with BNP Paribas, Deutsche Bank, HSBC, Standard Chartered and others. However, such a disparaging attitude towards traditional allies may lead to serious consequences in the future and to bounce back to the recent partners.