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BRICS & SCO: Dollar end in sight – The US dollar is losing ground!
New alliances pursue BRICS' dedollarization; SCO ready to move away from US dollar for trade, risks to US economy.
BRICS & SCO: Dollar end in sight – The US dollar is losing ground!
The world of international trade is turned upside down! After the BRICS countries, the Shanghai Cooperation Organization (SCO) is now taking the drastic step of banning the US dollar from stores. The worry lines on the foreheads in Washington are likely to become deeper, as numerous developing and emerging countries are planning to shake off their dependence on the reserve currency that was once believed to be so secure. At the 16th summit in Russia's Kazan region, communities solidified their resolve to turn their backs on the dollar. This could sooner or later trigger a massive dollar shortage on the global market.
China's persuasiveness is having an effect, as the SCO community now seems ready to take the stab in the back: adjustments to the payment systems are just around the corner to replace the green note step by step. According to Zhang Ming, secretary general of the SCO, informal discussions on a common payment system are already in full swing. The share of national currencies in mutual settlements is expected to grow significantly. The details of the changes are not yet fully known, but reported watcher.guru about the planned revolutions in the international payment system. The plans are ambitious, preparations are underway - the end of the US dollar empire in retail could soon become a reality!