from Sputnik News:
The internalization of China’s yuan is gaining momentum as Russia is set to use the currency in settlements with other world economies, while Brazil and China are ditching the dollar in bilateral trade. What does the trend spell for the greenback’s dominance?
“This trend greatly affects the US dollar[‘s] hegemony negatively, in both foreign trade and financial market transactions, since an increasing share of them is not denominated in US dollars but in other currencies, notably in yuan,” Sergio Rossi, professor of macroeconomics and monetary economics at the University of Fribourg, Switzerland, told Sputnik. “
