De-Dollarization Archives - Political Economy Journal

Russia, China taking big step for phasing out Dollar

02

Oct

BRICS, China, De-Dollarization, Dollar, One Belt One Road, Russia, US

Russia, China taking big step for phasing out Dollar

PEJOURNAL - The dollar has been the world’s most important currency since World War II; it is the most common reserve currency and the most widely used currency for international trade and other transactions worldwide. The removal of the dollar from economic relations among countries and agreements to replace it with national currencies or other currencies in world trade is not an uncommon issue, but in recent years the process has intensified due to the measures of the US administration under Trump and Biden. In fact, political tensions between Washington and other countries have tarnished credibility of the US dollar…

Russia gradually ditching US dollar in trade with allies

PEJOURNAL - A senior Russia lawmaker says his country is gradually reducing the role of the US dollar in financial transactions with allies and commercial partners, a long-pursued measure aimed at using currencies other than the greenback to offset the impacts of American sanctions. Vyacheslav Volodin, the speaker of the Russian parliament's lower chamber, the State Duma, made the announcement on Thursday and said Russia was gradually reducing the share of the US dollar in the Russian economy and foreign exchange reserves. "For example, within the framework of the EAEU, settlements in national currencies have grown to 74%. We are…

De-Dollarization: Removing the Dollar, Strategies and Efforts

BY: Danieal Ranjbar PEJOURNAL - From the 1940s, during the post-World War II reconstruction of Europe under the Marshall Plan, the dollar became the dominant international currency. But now, after all these years and the occurrence of several internal developments in the United States and internationally, the dominance of the dollar is threatened. The introduction and gradual strengthening of digital currencies, including bitcoin, was another reason for the removal of the dollar from the financial exchanges of some countries. Russia and China, as the first countries to eliminate the dollar, succeeded in doing so and removing the dollar from their…