Asia is undergoing significant de-dollarization as BRICS and ASEAN promote local currency trade. This move aims to reduce reliance on the US dollar amid concerns about monetary volatility.
The US dollar’s share of global foreign exchange reserves has declined to 57.8% in 2024, a notable drop from over 70% in 2000, reflecting shifting economic strategies.
ASEAN’s new strategic plan for 2026-2030 supports localized currency use, while BRICS encourages domestic currency trade to decrease reliance on systems like SWIFT.
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