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Argentina has joined Brazil to be the latest south-American nation to dump the dollar and trade in the Chinese yuan. Nations across the world, including India, are indulging in de-dollarisation – a push back against the American currency’s hegemony across the world
De-dollarisation calls for reducing the reliance on US dollar for international trade.
The BRICS nations have been mulling creating a new currency to facilitate overseas trade
De-dollarisation basically means reducing the dependence on the US dollar as a medium of exchange or reserve currency.
Indonesia is following the lead of BRICS (an acronym for five leading economies: Brazil, Russia, India, China, and South Africa) in de-dollarisation and seeking ways to stop paying for global trade in the US dollar.