Asia Accelerates De-dollarization Process, Renminbi and Gold Become Key Transaction Tools
Foreign media: The trend of de-dollarization in Asia is strengthening, and the renminbi, gold, and Bitcoin have become new trading tools. An increasing number of Asian countries are gradually reducing their reliance on the US dollar by establishing alternative trade agreements and increasing investments in gold and digital currencies, promoting the development of the global monetary system towards multipolarity.
The Forex Complex research platform points out that the three main indicators of de-dollarization include: a decrease in the proportion of the US dollar in national reserves, an increase in the proportion of gold, and an increase in the use of alternative currencies in bilateral trade. Singapore, Indonesia, and Japan have made significant progress in this trend and are among the top ten.
Despite the fact that the US dollar still accounts for nearly half of SWIFT payments and more than 80% of foreign exchange transactions, analysis shows that the trend of currency diversification is becoming increasingly evident, especially in Southeast Asia, the Middle East, and BRICS countries. In Asia, an increasing number of transactions are conducted using the renminbi, followed by the euro and the UAE dirham.
Original article: https://www.toutiao.com/article/1833610072031240/
Disclaimer: This article only represents the views of the author.
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