USD neglect

[MorganaX]

Russian Chinese trade

Just imagine what would happen if actually the world itself shift away from the dollar as it's major currency for trade. After reading on how the Chinese and Russian are now doing their trade on their local currency makes me wonder how is possible that the whole world haven't come to the sense that this can actually be possible,

[viljy]

That's when dollars are taken away (blocked, frozen), then other countries will realize that you can have dollars and trade for dollars only as long as the United States allow it. At the moment, the role of the dollar as the world currency is already declining and will continue to decline, but as a convenient unit of measurement for calculating the value of goods, the dollar is likely to be used for a long time (well, like a meter, inch, gram, etc.)

[coupable]

That's when dollars are taken away (blocked, frozen), then other countries will realize that you can have dollars and trade for dollars only as long as the United States allow it. At the moment, the role of the dollar as the world currency is already declining and will continue to decline, but as a convenient unit of measurement for calculating the value of goods, the dollar is likely to be used for a long time (well, like a meter, inch, gram, etc.)

This is logical, and the importance of the dollar in today's global economy is no secret. I see no indications of the possibility of abandoning the dollar soon, given the dollar's dominance in financial markets and the validity of the Bretton Woods Agreement, under which the world agreed to establish the dollar as the official currency for global trade. More dangerous than this is that countries no longer need a gold backing to mint their local currencies; all they need is a dollar reserve to be deposited as an alternative to gold. The world has entangled itself with the dollar, including countries that are not friendly to America and are now seeking to liberate themselves from American hegemony by ditching the dollar.

Returning to the Chinese-Russian example, have trades between them in local currencies succeeded? I believe this equation cannot succeed if we use the Russian ruble, because China has nothing to buy with those rubles if it sells its goods for them. On the other hand, trade in the Chinese yuan would be beneficial for both parties. But how long can Russia tolerate selling its products to China for yuan, which it is forced to reuse to purchase Chinese goods only, since it cannot purchase anything on the global market. The issue is very complex and all we see are attempts and not solid projects with a clear vision.

[uneng]

Dollar is still more trustworthy, solid and stable than ruble and yuan, so there is no reason for countries to shift their negotiations to another currency. What happens is that eastern axis is constantly trying to discredit dollar, in an attempt to stand out their own currencies on the global economical scene. And along the decades so far, this plan of them has failed miserably, with the total maintenance of dollar as the main currency in the world.

On the other hand, if there was a superior currency to dollar regards the characteristics mentioned above, countries would have no issues in shifting from dollar to this new alternative. Bitcoin could be the one, although the volatility aspect completely scare away potential adopters (with a good reason).

[Fiatless]

Russian Chinese trade

Just imagine what would happen if actually the world itself shift away from the dollar as it's major currency for trade. After reading on how the Chinese and Russian are now doing their trade on their local currency makes me wonder how is possible that the whole world haven't come to the sense that this can actually be possible,

Russia has been under severe sanctions due to the invasion of Ukraine. China is the second biggest economy and the number one trade competitor of the US. So, it is logical that both nations are pushing for de-dollarization. The quest to make global trade transactions less dependent on the US dollar would not be easy, seeing that most nations depend on the US for many important products. The US is using its military and technological advancement to influence many countries. Even among the BRICS nations, some of them might not want to support the de-dollarization project due to the fear of  sanctions and other restrictions. However, I still believe the process of reducing the influence of the dollar has started, and it will gradually continue until the dollar loses some level of influence.

[Darker45]

You can't change the world order overnight. You'd have to wait for the hegemony to somehow weaken, or for another rising power to start developing dominance and begins to challenge the status quo. Until then, the rest of the world will have to bow down to the dictates of the superpower.

It's not that countries for centuries haven't come to their senses. It's just that among them, a handful has more leverage, has more power. And it's their choices, standard, and whatnot that have to be followed.

[DanWalker]

Dollar is still more trustworthy, solid and stable than ruble and yuan, so there is no reason for countries to shift their negotiations to another currency. What happens is that eastern axis is constantly trying to discredit dollar, in an attempt to stand out their own currencies on the global economical scene. And along the decades so far, this plan of them has failed miserably, with the total maintenance of dollar as the main currency in the world.

The value of a currency depends and is determined by the national economy, the US is the largest economy in the world, so it is no surprise that the USD is still more reliable than the Ruble and the Yuan. Other countries do not need to rush to abandon the US dollar completely but it is time to reduce their dependence on this currency because the US is abusing it as a weapon to bully the rest of the world. That is not good for the overall development of the world.

I don't think they failed, they caused USD dominance to drop from 66% to 57% from 2015 to Q3 2024. This could happen even faster in the next decade, and sooner or later the US dollar will lose its dominance.

[shinratensei_]

Currency is just a tool, but what make people use certain currency more often than other is reliability and the fact that they're already used to it.
USD is still dominating the market, although russia and china can do trade with their own currency, but USD is still the most trusted currency there is.

It's still a long way until dedollarization actually being realized. Honestly, those BRICS country have a better chance to do that with bitcoin more than any other in my opinion.
Maybe it's time for BRICS to use bitcoin.

[viljy]

~
But how long can Russia tolerate selling its products to China for yuan, which it is forced to reuse to purchase Chinese goods only, since it cannot purchase anything on the global market. The issue is very complex and all we see are attempts and not solid projects with a clear vision.

I think for a very long time. What can you buy on the international market that is not Chinese, if almost everything in the world is made from China? The United States imports all its goods from China and lives well by consuming Chinese products. In general, the currency of trade is essentially a unit of measurement, not a value in itself. Only the product is important. This began to be forgotten when the dollar began to gain self-worth. Why did this happen? Figuratively speaking, because "dollar production" has become the main "industry" of the United States.

[coupable]

~
But how long can Russia tolerate selling its products to China for yuan, which it is forced to reuse to purchase Chinese goods only, since it cannot purchase anything on the global market. The issue is very complex and all we see are attempts and not solid projects with a clear vision.

I think for a very long time. What can you buy on the international market that is not Chinese, if almost everything in the world is made from China? The United States imports all its goods from China and lives well by consuming Chinese products. In general, the currency of trade is essentially a unit of measurement, not a value in itself. Only the product is important. This began to be forgotten when the dollar began to gain self-worth. Why did this happen? Figuratively speaking, because "dollar production" has become the main "industry" of the United States.

Theoretically, given the importance of the Chinese economy, which represents the factory of the modern world, the Chinese yuan could be used as an alternative to the dollar. It could replace the dollar as a medium of exchange, as a commodity, and as a unit of measurement. Theoretically, there is nothing to prevent this, but only if America accepts it, which is unlikely to happen. The American economy is very fragile, and it has recently become clear that it is heavily dependent on American influence, which is primarily based on military power and the dominance of the dollar. Despite all evidence that dealing in the Chinese yuan is a good substitute for the dollar, few will follow this path for several valid reasons; First, their local currencies are pegged to the dollar, and therefore they must continue to support the dollar by all means available. Second, there is dependence on America, as most regimes are loyal to America and do not implement policies that conflict with American interests; otherwise, no one can predict the repercussions. Third, there are new fears of Chinese encroachment on the world, after it has imposed economic hegemony, and now imposes financial hegemony through the yuan. This is very likely to happen because China is not an angel of peace.

Getting rid of the dollar is a slogan raised by everyone, especially those who oppose American influence, and I can say that this is a legitimate ambition. But what are the alternatives and how can they be established? No one has the answer yet.

[WillyAp]

What can you buy on the international market that is not Chinese,

There are products. Research and development is done in the 1st world.
If Management still outsources to China remains to be seen.

There are plenty of countries around with a conveniently priced workforce.

[Usdcboss]

Russian Chinese trade

Just imagine what would happen if actually the world itself shift away from the dollar as it's major currency for trade. After reading on how the Chinese and Russian are now doing their trade on their local currency makes me wonder how is possible that the whole world haven't come to the sense that this can actually be possible,

China now dump dollars but off course they do it why would you hold your money in something wich doesn't give you anything.

Look japan and china been doing social service help for usa banks and financial instutions.
Look the rates.....what they have gained of this to hold usa treasuries is just helping usa so basicly china been just good guy towards to USA but when trump decided to put tarifs then the good guy is over finished and they dump usa treasuries.

From where USA will find someone who is willing to either borrow dollars or invest large enough in USA treasuries, those kind of wealth have only China emirates Qatar Russia and India. - but why would any of them will invest money in USA debt with that rates lol i would't.

What comes next most logically ? USA will find the nations big enough in crisis and then they will borrow money from USA because Crisis / wars will be big enough so they are forced to borrow or have usa financial aid even with non beneficial deal but just to survive.
And when we talking about ukraine it's not just that big usa now neeeds nation bigger to balance their currency together with them and india seems option.

[Usdcboss]

That's when dollars are taken away (blocked, frozen), then other countries will realize that you can have dollars and trade for dollars only as long as the United States allow it. At the moment, the role of the dollar as the world currency is already declining and will continue to decline, but as a convenient unit of measurement for calculating the value of goods, the dollar is likely to be used for a long time (well, like a meter, inch, gram, etc.)

World need to wait once stablecoins are ready then all the game is over for brics.
And anyone who deal other then dollars...look the USDT and USDC will be the new dollar faster and without swift system and moves fast globally and cheap fees.
So dollar will be greatest again and imagine stablecoins ROI of staking.
Off course smoke and mirrors now to confuse people but look they building stablecoins.

[kotajikikox]

Russian Chinese trade

Just imagine what would happen if actually the world itself shift away from the dollar as it's major currency for trade. After reading on how the Chinese and Russian are now doing their trade on their local currency makes me wonder how is possible that the whole world haven't come to the sense that this can actually be possible,

Of course it’s possible but not all countries have strong currencies and in fact using stronger currencies like the US dollar can be helpful to those with weaker currencies. Not all countries are at the same level and some countries are still very much dependent on the US. Not that they choose to but because it’s what they do to survive.

[Sticky Bomb]

Russian Chinese trade

Just imagine what would happen if actually the world itself shift away from the dollar as it's major currency for trade. After reading on how the Chinese and Russian are now doing their trade on their local currency makes me wonder how is possible that the whole world haven't come to the sense that this can actually be possible,

The use of dollar as a centralized medium of exchange is fast declining and if eventually, dollar fazes out, it would be greatly devalued since it is the demand for dollar from other countries that helps stabilize it. BRICS countries are slowly moving away from the dollar and trying to employ their a unified medium of exchange as they are intensifying efforts to reduce to the barest minimum the reliance on dollar, but it would really take a long time for other countries to follow suit, including El Salvador who does not have a local currency of their own and relies on the dollar as its legal tender. Countries colonized or aided by the EU remains loyal to the dollar.

I do not see it happening soon, but surely it is possible in the future, but it would really take very long to come by.

[STT]

Russia and China have worked and traded together for a great many decades, they have also at least 1 war at some point though I think minor.  There is no perfect alternative to the dollar but it is a wonder its existed this long while so imperfect also.
   Im not viewing any alternative waiting in the wings as about to take off being so perfectly setup and more efficient; not even crypto do I think that of.

China now dump dollars

They will never dump Dollar completely, even Russia right now with massive sanctions against and all the reason to hate the dollar still has vast dollar reserves and they have to because they deal in oil which is a dollar asset whether they like it or not.
   Both countries are doing their very best to veer away from dollar mostly I see them holding onto gold at every opportunity.  Especially China has become the worlds largest producer of gold and also buyer of that production, such to the extent we the outsiders to that circular trade do not accurately know the correct pricing for gold but it could be double what it is now.

Both Russia with its oil based economy and China as formerly a zero gold nation had horrible bias and reliance on dollar.   Imagine needing and relying on your potential enemy, both nations are easily within the 'axis of evil' in any future world war even while both nations were allies in ww2 sadly that part of history has diminished.