All around the world, a backlash is brewing against the hegemony of the US dollar.
Brazil and China recently struck a deal to settle trade in their local currencies, seeking to bypass the greenback in the process. India and Malaysia in April signed an accord to ramp up usage of the rupee in cross-border business. Even perennial US ally France is starting to complete transactions in yuan.
For many global leaders, their rationales for taking these measures are strikingly similar. The greenback, they say, is being weaponised, used to push America’s foreign-policy priorities — and punish those that oppose them.
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