De-dollarisation picks up pace amid bigger yuan role

A clerk counting the yuan at a bank in Huaibei, central Anhui province, China. — AP

SINCE the start of 2023, many "de-dollarisation" events have taken place.

Russia and Iran jointly announced the launch of cryptocurrencies for international trade. Saudi Arabia gave approval for selling oil in currencies other than the US dollar. Argentina and Brazil planned to establish common currencies. Brazil and China agreed to stop using the US dollar as an intermediate currency.