It is by far the dominant currency in the foreign exchange market and is the most widely-used currency for international transactions.īut recent international efforts have focused on ending the world’s longstanding need to engage with the dollar.Ī group of economically-aligned nations known as BRICS are reportedly gearing up to launch an alternative currency that would circumvent the dollar. The dollar has played a central role in global trade and the global monetary system for decades, acting as the world’s sole reserve currency. “If the tensions between the two superpowers heat up… we won’t have the time nor the resources to finance our strategic autonomy and we will become vassals.” When it comes to global dependence on the dollar, Macron specifically says Europe should lower its need to rely on the “extraterritoriality of the US dollar.” The comments follow Macron’s three-day trip to China and a high-profile meeting with Chinese President Xi Jinping.
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