China nibbles at dollar dominance and US’ control over global money flows
The greenback currently accounts for about 70% of international currency usage, against the yuan’s 6%
WHEN I wrote last month about the Brics conference held in Kazan, I was not expecting to touch on this topic again for another six to 12 months because the group would need to overcome large hurdles to achieve its target of building a new multipolar world order as an alternative to the petrodollar system that has been in place for decades.
The stated targets in the Kazan conference were so grand in scope that they would be expected to take a long time to come to fruition, if ever – especially given the disparate goals of each government.
Yet, last month brought a startling turn of events that left bond traders questioning the reality unfolding before them.
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