Global De-Dollarization Spells Jolts And Crises For US Economy

BEIJING — In January, President Donald Trump took to Twitter to denounce Pakistan’s commitment to fighting terrorism. Twenty-four hours later, Pakistan’s central bank announced that it no longer would use the U.S. dollar in international transactions, and would instead switch to the Chinese yuan. Four months later, in response to the Trump Administration’s withdrawal from the United States’ nuclear weapons pact with Iran, the European Union announced that it would use its own currency, the euro, to pay for Iranian crude oil. Earlier this month, Moscow and Beijing announced a plan to use their own national currencies in bilateral trade. Russian President Vladimir Putin told reporters that the move would “increase the stability of banks’ servicing of export and import operations while there are ongoing risks on global markets.”
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