Who is challenging dominance of the us dollar? the

On April 2023, Sergio Massa, Argentina's Economy Minister made an announcement stating that his country would now pay for imported goods from China in Chinese Yuan instead of US dollars

- Dr Rajiv Khosla

Several months prior to this announcement, the Finance Minister of Saudi Arabia had also expressed openness to conducting business in currencies other than the US dollar. During a meeting of BRICS (Brazil, Russia, India, China, and South Africa) economies held in March of this year, the development of a common currency to promote mutual trade was discussed. These global developments have prompted economists worldwide to begin discussing the process of de-dollarization. This article examines how the US dollar's dominance was established over the past century, its current decline, and possible alternatives.

The history of the dollar's ascendancy