Michaelg Plummer News Today

The Turkish edition Dunya notes that since the United States imposed financial sanctions on Russia last year, de-dollarization has gained momentum. The BRICS countries forced transactions using non-dollar currencies. After the start of the Ukrainian conflict, Russia, Iran, Brazil, Argentina and Bangladesh went for broke against the United States, using the Chinese yuan instead of the dollar in trade.

While the US dollar will continue to be central to the international financial system, its role is diminishing at the margins.

Michael G. Plummer is director of the School of Advanced International Studies (SAIS), Europe and Eni Professor of International Economics at The Johns Hopkins University.

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