![What is driving the De-Dollarization train to full speed [CGTN]](https://i0.wp.com/usachinatrading.com/wp-content/uploads/2023/04/What-is-driving-the-De-Dollarization-train-to-full-speed.png?resize=525%2C295&ssl=1)
The U.S. dollar has dominated global trade and capital flows for nearly eight decades since the end of World War II. However, many nations are now looking for alternatives to the greenback to reduce their dependence on the U.S., raising questions over the currency’s future dominance. Faced with economic sanctions led by the U.S., Russia has since promoted alternative financial infrastructures. But it’s not just Moscow. Check out the video and please subscribe to the channel!
China and Malaysia announced this week that they were open to discussing the creation of an Asian Monetary Fund to reduce reliance on the U.S. dollar. Malaysia’s central bank is working on a trade settlement mechanism in local currencies. This is only the latest in a growing trend. India and Malaysia announced over the weekend that they have abandoned trading in U.S. dollar and can now settle in Indian rupee. India also said it would offer up its currency as an alternative to the U.S. dollar for countries struggling with dollar shortages. Saudi Arabia said that the oil-rich nation is open to trading in currencies besides the U.S. dollar for the first time in 48 years. More than 60 nations and regions have now accelerated efforts to reduce dependency on the dollar, according to CNN’s incomplete statistics. Check out the video and please subscribe to the channel for more videos about China’s amazing stories!