The U.S. dollar is in decline – or at least such is the speculation that has been circulating this year.
These rumors are fed by various articles, starting with headlines saying that Russia is now considering using China’s yuan for its global trade. Then talk followed that Saudi Arabia, a major U.S. ally, was considering charging in yuan for its oil exports to China.
Things accelerated: France was reportedly considering buying gas from China with yuan, while Brazil and Beijing were considering no longer using the U.S. dollar in their bilateral trade relations.
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The avalanche of rumors about the demise of the U.S. dollar was such that some headlines said that the Brics countries – an acronym for Brazil, Russia, India, China, and South Africa – were considering developing a new reserve currency, while India was in the process of settling some trades in rupees.
Read more: The Street