FAR-REACHING IMPLICATIONS: The Dollar is LOSING its POSITION! 64 countries around the world DE-DOLLARIZED at the same time!｜AQ

26,407 views Premiered Apr 4, 2023

Last week, US Treasury Secretary Janet Yellen made some comments about how China and Russia are developing alternatives to the US dollar, which has caused some concern about the dollar's reserve status. The trend toward global de-dollarization is picking up speed, with China leading the way. Former Goldman Sachs chief economist Jim O'Neill stated on March 30th that China is already taking action towards de-dollarization, most notably in its agreement with Brazil to trade in their own currencies and completely abandon the dollar as an intermediate currency. 

"China is Brazil's largest trading partner, and this latest agreement is just one more way that China is trying to shift away from the dollar. Up to $150 billion in annual trade between China and Brazil will be directly traded in yuan and reals, with no need to use the dollar. China has been expanding its local currency settlement beyond countries like Russia, Pakistan, and Saudi Arabia, and countries in Latin America, which are export powerhouses, are also announcing that they are dropping dollar transactions. Economist Zoltan Pozar warns that the dollar is slowly losing its position as the center of the world financial system, and China is announcing groundbreaking deals left and right in its push to appreciate the yuan and move away from the dollar."