Page 24 - De Dollarization News Today : Breaking News, Live Updates & Top Stories | Vimarsana

"In general, the anchor currency for governments and central banks has been, will be, and will likely be in the future the United States dollar."

The US unemployment rate jumped to 3.7% from 3.4% percent in April with wage growth slowing, as per the Bureau of Labor Statistics. At the same time, US employers added a robust 339,000 jobs last month. Sputnik sat down with US economist Dr. Paul Craig Roberts to discuss the seemingly contradictory figures.

Many countries are now pushing for a new finance phenomenon called ‘de-dollarization’, which can prove to be a major setback for the US and a trade boom for India.

The BRICS countries are attempting to challenge the US dollar's dominant position as the world's reserve currency, but their efforts are likely to fail due to economic factors and too many contradictions between the group's members. The dollar is currently used in 42% of currency transactions, while the euro accounts for 32%. There are also concerns that moves towards de-dollarisation could lead to overreach by western countries, such as the freezing of foreign exchange and gold reserves, following Russia's invasion of Ukraine.

Chinese Vice Foreign Minister Ma Zhaoxu said that the idea of expanding the bloc would be highly beneficial to the developing world.