Why Dedollarization Will Be a Major Trend in 2023
We are only one month into the new year but there is a large story playing out in the global financial world. Nations across the globe are hedging their bets against the US dollar and seeking to diversify their foreign reserve currencies.
Since 2009, the Chinese Yuan’s role in the global financial system has doubled and now surpasses both the Japanese Yen and British Pound. Moving forward we are going to hear a lot more about the Chinese Yuan and China’s ability to use its Central Bank Digital Currency to increase trade, reduct costs, and most importantly reduce reliance on the US dollar as the primary method of foreign trade.
Richard Turrin is an American citizen living full time in Shanghai. He is the world’s leading expert on China’s Digital Currency and I’ve been honored to interview a number of times on my podcast and YouTube channel. The story of the world dedollarizing is so important, Richard most recently started sharing tweets called “Dedollarization Daily” as more and more articles come out every day across the globe highlighting what is happening across the globe.
In my lastest YouTube video, I do a deep dive into a plethora of topics and stories that highlight the world’s efforts to dedollarize. In this video I touch on:
Why the Ukraine War is the Biggest Reason Nations Are Moving Away From USD
Brazil and Argentina launching plans for a new dual currency
How Gulf Nations will use RMB to sell oil
The United States has enjoyed more than 70 years of having their currency reign supreme throughout the globe. But too many nations now fear the US could potentially sanction them and want more options. 2023 will be an interesting year as the world enters a recession and is still battling inflation. Let me know what you think of this week’s episode: