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Dec 20, 2022
The hegemony of the US dollar currency shows the imbalance in the use of the dollar currency compared to other currencies in the global economic market, which is undoubtedly supported by the International Monetary Fund (IMF) and the World Bank (World Bank) for a long time. Green US Dollar banknotes were first printed to finance the Civil War in 1861 and became the main global currency after the Bretton Woods Agreement of 1944.
Today, the US Dollar is used in all corners of the world including for oil trade i.e., the ‘petrodollar’ which is accepted for most international transactions and dominates up to 90% in the foreign exchange market (FOREX). Not to forget, 40% of the world’s debt is also issued in Dollar currency. With world financial policies supporting the power of the US, the value of the Dollar is expected to continue to strengthen.
In addition to the dollar, the Japanese Yen and Euro are the most used currencies. Although neither of them competes with the Dollar, the Chinese Yuan or Renminbi, is often cited as the main competition for the US Dollar.
China and Russia are seeking to stop using the Dollar with various cooperation with countries in the Asian region and the Middle East.
In this video, we will see how the US Dollar is starting to be replaced by the Chinese Yuan currency.
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