Russia and others, move to use Yuan instead of dollar.

[Minecache]

This is what could be referred to in international politics as power tussle in terms of international levels of analysis. Haven such two conflicting countries like China and Russia coming together based on mutual economic interest against a common rival the USA is one that could be very frustrating for the US dollar with the unambiguous leverage and advantage the likes of Russia, China, Iran and Saudi Arabia have come together to give to the Chinese Yuan. With Russia in the forefront bent on the use of the Chinese Yuan instead of the US dollar in their country and in all of it's transactions and trades settlements with Latin America, Africa and Asia countries.
https://www.wsj.com/articles/russia-turns-to-chinas-yuan-in-effort-to-ditch-the-dollar-a8111457

What does this new development make for the US economy and the US dollar in the coming days and years to come.
Give your personal opinion on this development!

BRICS countries are planning to launch a currency to trade among themselves and with other countries, but at the moment India seems unwilling for this. They are doing this to challenge the monopoly of USD in the near future. Arab countries are also looking to trade in Yuan and it will have a big impact on petrodollars. And we might see a devaluation of USD as it is not backed by Gold.

India turned out to be the smartest country. India understands perfectly well that the "goal" of BRICS is to put some countries on the yuan, or rather to completely yuanize their economies to save China's economy. After that China will not let them out of its "friendly embrace" and these countries will never be able to be independent in the world market with an open economy and comfortable dollars for all.
As you can see, all the alleged settlements in the national currencies of the BRICS countries are somehow migrating towards settlements in the Chinese yuan. Trace the statistics of the volume of settlements in yuan between the BRICS countries of 5-3-1 years and now, and you will be forced to make a discovery for yourself - there is an overpowering of yuan, substitution of critical areas of exports and imports - for yuan. Someone invented a fairy tale about the "harm of the dollar", now someone will feel the "benefit" of the yuan...But it will be too late

You seem to be a big fan of the US and USD, so there's nothing wrong with trying to protect them, but I think you need to be a bit more realistic. No one is making up a fairy tale about the “harm of USD” but it is happening, and we can feel the reality without being led by others.

According to recent news, India and the UAE have also agreed to eliminate the dollar in trade between the two countries and replace it with rupees and dirhams. And from the above article, we can also guess why India refuses the BRICS bloc when using the yuan, they also want the Indian rupee to replace the USD, not the Chinese yuan.
https://www.deccanherald.com/business/economy-business/india-uae-sign-pact-to-trade-in-local-currencies-amid-pm-modis-visit-1237265.html

[Lida93]

This is what could be referred to in international politics as power tussle in terms of international levels of analysis. Haven such two conflicting countries like China and Russia coming together based on mutual economic interest against a common rival the USA is one that could be very frustrating for the US dollar with the unambiguous leverage and advantage the likes of Russia, China, Iran and Saudi Arabia have come together to give to the Chinese Yuan. With Russia in the forefront bent on the use of the Chinese Yuan instead of the US dollar in their country and in all of it's transactions and trades settlements with Latin America, Africa and Asia countries.
https://www.wsj.com/articles/russia-turns-to-chinas-yuan-in-effort-to-ditch-the-dollar-a8111457

What does this new development make for the US economy and the US dollar in the coming days and years to come.
Give your personal opinion on this development!

BRICS countries are planning to launch a currency to trade among themselves and with other countries, but at the moment India seems unwilling for this. They are doing this to challenge the monopoly of USD in the near future. Arab countries are also looking to trade in Yuan and it will have a big impact on petrodollars. And we might see a devaluation of USD as it is not backed by Gold.

India turned out to be the smartest country. India understands perfectly well that the "goal" of BRICS is to put some countries on the yuan, or rather to completely yuanize their economies to save China's economy. After that China will not let them out of its "friendly embrace" and these countries will never be able to be independent in the world market with an open economy and comfortable dollars for all.
As you can see, all the alleged settlements in the national currencies of the BRICS countries are somehow migrating towards settlements in the Chinese yuan. Trace the statistics of the volume of settlements in yuan between the BRICS countries of 5-3-1 years and now, and you will be forced to make a discovery for yourself - there is an overpowering of yuan, substitution of critical areas of exports and imports - for yuan. Someone invented a fairy tale about the "harm of the dollar", now someone will feel the "benefit" of the yuan...But it will be too late

You seem to be a big fan of the US and USD, so there's nothing wrong with trying to protect them, but I think you need to be a bit more realistic. No one is making up a fairy tale about the “harm of USD” but it is happening, and we can feel the reality without being led by others.

According to recent news, India and the UAE have also agreed to eliminate the dollar in trade between the two countries and replace it with rupees and dirhams. And from the above article, we can also guess why India refuses the BRICS bloc when using the yuan, they also want the Indian rupee to replace the USD, not the Chinese yuan.
https://www.deccanherald.com/business/economy-business/india-uae-sign-pact-to-trade-in-local-currencies-amid-pm-modis-visit-1237265.html

I was initially wondering what could have led to the BRICS bloc refusal by the Indian government not until I peruse through the article . The local currency settlement system Is a good development in the right direction for both India and the UAE in a bid to mutually move their economies. Going through the article it's espoused how the bilateral agreement would greatly lead to a reduction in the dependence of the US dollar which is obvious such economic dependence on the dollar is a control to the pace of development to the third world countries in addition to the continuous devaluation of their local currency's to the dollar that is rapidly becoming a monopoly in itself.

[Minecache]

✂️

I was initially wondering what could have led to the BRICS bloc refusal by the Indian government not until I peruse through the article . The local currency settlement system Is a good development in the right direction for both India and the UAE in a bid to mutually move their economies. Going through the article it's espoused how the bilateral agreement would greatly lead to a reduction in the dependence of the US dollar which is obvious such economic dependence on the dollar is a control to the pace of development to the third world countries in addition to the continuous devaluation of their local currency's to the dollar that is rapidly becoming a monopoly in itself.

Although many people still do not accept the fact that the USD is fighting to lose its position, that is what is happening in the international trade market. Not only the BRICS countries are looking to reduce their dependence on the USD, but many other countries have also expressed support for this.

To be fair, I also believe we won't see a new currency replace USD in the next few years, but USD will be dethroned and replaced by another, that's what will happen in the future. In the history of world currency, there have been 4 other currencies dethroned over time and USD is no exception because that is the rule of the world.

[DrBeer]

.....
You seem to be a big fan of the US and USD, so there's nothing wrong with trying to protect them, but I think you need to be a bit more realistic. No one is making up a fairy tale about the “harm of USD” but it is happening, and we can feel the reality without being led by others.

According to recent news, India and the UAE have also agreed to eliminate the dollar in trade between the two countries and replace it with rupees and dirhams. And from the above article, we can also guess why India refuses the BRICS bloc when using the yuan, they also want the Indian rupee to replace the USD, not the Chinese yuan.
https://www.deccanherald.com/business/economy-business/india-uae-sign-pact-to-trade-in-local-currencies-amid-pm-modis-visit-1237265.html

Your assumption that I am a fan of the US and the Dollar is a fallacy
I also have a lot of questions about the US. And I consider the dollar to be the only acceptable currency for international settlements today, purely because of its pragmatic and real advantages.

Regarding the arrangements between India and UAE.  Arrangements can be, and have the right to be, between two countries - it is their right. And I assume it will be a mutually beneficial and partnership. Not like settlements with Russia
I am not sure that ALL groups of goods will be sold to each other for rupees or dirhams. And here again the dollar comes up. Let me explain - in the international market dollar is like money inside the country. Without money in the country begins the most complicated process of barter exchanges or search for a substitute currency. Similarly, in the international market - many goods are produced for the world economy, and the universal measure is the DOLLAR. It is recognized by the whole world, it is secured and stable enough, even in today's time. Having sold any commodity for it, you are sure that you will buy any other commodity in the market without any problems. In case of local sales for local currencies, there is a problem - countries need the currency of international settlements for foreign economic activity. And part of the goods both sides will still sell for the dollar and possibly the euro (the second is a fairly liquid currency). If you remember the example of "rupee-ruble", I did not just bring it up. The situation there has actually reached a deadlock - Russia has huge piles of rupees, and there are no 100% settlements, while the liquidity of the rupee is low. Because Russia cannot buy in India what it critically needs. And India does not want to sell almost anything for rubles, because it does not need a worthless piece of paper from a country with a dubious future. I agree, India-UAE is a different level of relations and economies.

By the way, despite some nuances of recent years, I have great respect for India! History, culture, desire to be leaders, development of space, pharmaceuticals and many other things deserves respect!

[coupable]

Although many people still do not accept the fact that the USD is fighting to lose its position, that is what is happening in the international trade market. Not only the BRICS countries are looking to reduce their dependence on the USD, but many other countries have also expressed support for this.

In confirmation of your opinion, I read since two days that the United Arab Emirates agreed with India to complete trade exchange deals between them in rupees, which can be considered an additional step in the same direction, although this is outside the BRICS framework.
And although I am convinced that the global economy in its current situation is unable to completely abandon the use of the dollar, I note that the dollar (the United States) is going through its most difficult period.
The most important question today is what is the really best option for the global economy (I mean in particular global trade exchanges)? I mean, is it good to keep the dollar as a major exchange currency, or will diversifying currencies have better results? Do not forget that the dollar is the supporter of America's position as a global power.

[be.open]

Although many people still do not accept the fact that the USD is fighting to lose its position, that is what is happening in the international trade market. Not only the BRICS countries are looking to reduce their dependence on the USD, but many other countries have also expressed support for this.

In confirmation of your opinion, I read since two days that the United Arab Emirates agreed with India to complete trade exchange deals between them in rupees, which can be considered an additional step in the same direction, although this is outside the BRICS framework.
And although I am convinced that the global economy in its current situation is unable to completely abandon the use of the dollar, I note that the dollar (the United States) is going through its most difficult period.
The most important question today is what is the really best option for the global economy (I mean in particular global trade exchanges)? I mean, is it good to keep the dollar as a major exchange currency, or will diversifying currencies have better results? Do not forget that the dollar is the supporter of America's position as a global power.

The world economy does not have to completely abandon the dollar. The US is a big country, it produces a lot of goods and services, and buys even more goods and services from abroad - and this part of the world economy, I think, will continue to use the US dollar as a unit of account in the future. But if the UAE is buying something from India, why would they use the US dollar? The practice of bilateral currency swaps in national currencies will continue to develop, increasing the share of national currencies in world trade and reducing the share of the US dollar. The United States will have to get used to living within its means.

[Mario Yamasaki]

Many countries are trying to leave the USD due to many factors, Russia and China are 2 large countries that are currently trying to escape the influence of the USD, of course as long as the country's financial condition is still strong then there is no problem if you replace the USD with something else.

[Minecache]

Although many people still do not accept the fact that the USD is fighting to lose its position, that is what is happening in the international trade market. Not only the BRICS countries are looking to reduce their dependence on the USD, but many other countries have also expressed support for this.

In confirmation of your opinion, I read since two days that the United Arab Emirates agreed with India to complete trade exchange deals between them in rupees, which can be considered an additional step in the same direction, although this is outside the BRICS framework.
And although I am convinced that the global economy in its current situation is unable to completely abandon the use of the dollar, I note that the dollar (the United States) is going through its most difficult period.
The most important question today is what is the really best option for the global economy (I mean in particular global trade exchanges)? I mean, is it good to keep the dollar as a major exchange currency, or will diversifying currencies have better results? Do not forget that the dollar is the supporter of America's position as a global power.

The complete elimination of the dollar in international trade is impossible because if they loses its position as the number one power, the US will still be a country with a large economy and will still have certain influences. But the fact that the whole world is governed and dependent on a single country or currency is something that should not be maintained. I like diversification in any field and that makes things fairer. In life, would you rather have more choices or exclusivity and have to use them even if you don't like them?

[DrBeer]

Many countries are trying to leave the USD due to many factors, Russia and China are 2 large countries that are currently trying to escape the influence of the USD, of course as long as the country's financial condition is still strong then there is no problem if you replace the USD with something else.

What you are saying is either a profound misconception or an attempt at wishful thinking!
China. China is going through a daunting economic problem from which there is no easy and comfortable way out. There is a tricky option - to find fools to whom you can "pour" the problems of the Chinese economy, a kind of export of problems and inflation. That is why China is pushing hard for the Yuan as the main currency of BRICS. At the same time, it actively proposes to these unfortunate people to give up the dollar in their gold reserves. At the same time, China itself continues to invest in the dollar and US government bonds. So China is not only not against the dollar, it is in favor of it, as it is highly dependent on the US.
Russia. Russia is a pariah country, an international terrorist, against which sanctions have begun to take effect. Which led to a sharp collapse of currency revenues to the budget. And Russia without currency is Zimbabwe with snow. Russia needs currency critically! Since even "friends" like India and China do not want to sell Russia anything more or less significant for their rubles, which nobody needs. Only for Dollars or Euros. Therefore... now Russia has... a lot of Chinese and Indian banknotes, which they don't know where to put )

[Woodie]

This will be interesting to see!

But what I don't understand in this whole BRICS is why choose Yuan as the face currency when very few countries use it ?? Are they saying the base currency where the US dollar is will be replaced by the Yuan,  but in the long run doesn't this make their local currencies weak especially  that they are pumping a currency that is far from home...

This Pact is one complicated one, if they want to take on the USA, let them turn on the heat on technology starting with full support of cryptocurrencies,  then maybe the Yuan stands a good chance of getting global recognition.

[stompix]

But if the UAE is buying something from India, why would they use the US dollar? The practice of bilateral currency swaps in national currencies will continue to develop, increasing the share of national currencies in world trade and reducing the share of the US dollar. The United States will have to get used to living within its means.

You do know the UAE dirham is pegged to the value of the USD, right?
So basically you're just dealing with USD value, it's like saying using tether will lead to the collapse of the USD! 

Although many people still do not accept the fact that the USD is fighting to lose its position, that is what is happening in the international trade market.

And yet, despite all this, every single one of those commenting here about the death of the dollar is in a signature campaign that pays in $ equivalent, not in yuans not in rubles not in rupees! Why is that?

[pooya87]

There is a thing that I don't understand. Some years ago I remember Apple or Barak Obama stated that Apple couldn't move factories from China to other country because Chinese laborers were highly qualified, efficient and fast. So, I don't really understand, if America is so dependent on China, why does China heavily invests in U.S. Treasury bonds and makes its own currency weak to keep low export fees? It could profit more if the USA is really dependent on China.

They "buy US debt" and keep their exchange rate low because they want to force US to be dependent on China. If we look at the history, like the past 40-50 years we have a very weak country with no economy to speak of and no production while the population is enormous (about 850 million) and 85% of them are living in absolute poverty. That is 720+ million people who had literary nothing.

40-50 years ago there were two powers the US and USSR and they were fighting. China took advantage and created that dependence, slowly but surely. That way they grew. US also had no choice but to give China all these benefits, from technologies to investment. Otherwise the communists China would have played a 100% USSR favored game.
But at some point US regime realized while they were busy trying to destroy their competitor USSR, China had been growing too much and US was already heavily depending on China.

Now here is the thing, this used to be China's strategy to grow. Today almost all countries have lots of relations with China so China no longer "needs" US like before. At the same time when US publicly announces that China's economic growth is a threat to US national security (ignore how absurd that is) they are in fact declaring war on China. So China also retaliates by screwing US, for example they dump $175 billion of the US bonds they were bag-holding, they join the dedollarisation wagon, they respond to the tariff war with tariff of their own, they disrupt exporting goods to US to disrupt their market, they manipulate the energy market to keep the prices up and damage US economy, they reduce or stop export of raw materials, and a lot more...

And there is another thing that I personally think is a huge bullshit. Why doesn't America produces goods in the USA? Labor is expensive? Then they shouldn't produce food, shouldn't provide postal service, shouldn't do tons of thing if we think that way. And labor isn't that cheap in China too. I think they are just exploiting their employees and they wont' be able to do the same in the USA. Or may be? Idk, I have heard that Amazon exploits its warehouse and delivery employees too.

It is super expensive to produce almost everything inside US because it is a capitalist democracy.
Certain things like food is a different matter, because US is massive and has lots of fertile land for farming so it is still possible to do domestically not to mention that food is considered a strategic good so there is no way in hell they'd let US be fully depended on another country for that.

Other things like "postal service" that you mentioned are "services" not products and sometimes they can not be outsourced, they have to remain domestic.
With products like a phone, there is always competition. If you manufacture a phone inside US and have to sell it for $5000 while China manufactures the same exact thing but for $500 you simply can not compete and nobody is going to buy the $5000 domestic phone! Not to mention that they won't even be able to afford to pay that much even if there were no alternative!!!

[be.open]

But if the UAE is buying something from India, why would they use the US dollar? The practice of bilateral currency swaps in national currencies will continue to develop, increasing the share of national currencies in world trade and reducing the share of the US dollar. The United States will have to get used to living within its means.

You do know the UAE dirham is pegged to the value of the USD, right?
So basically you're just dealing with USD value, it's like saying using tether will lead to the collapse of the USD!  

Am I talking about the collapse of the US dollar? It's funny that you quote my message with the explicit content "US will have to get used to living within its means", and this thought makes you think of the collapse. Try to understand that to stop plundering the rest of the world is not a disaster, but a normal state of affairs.

Although many people still do not accept the fact that the USD is fighting to lose its position, that is what is happening in the international trade market.

And yet, despite all this, every single one of those commenting here about the death of the dollar is in a signature campaign that pays in $ equivalent, not in yuans not in rubles not in rupees! Why is that?

And please refrain from further false generalizations. You're a "four dollars poster" and I'm not. We are different.

[stompix]

Try to understand that to stop plundering the rest of the world is not a disaster, but a normal state of affairs.

Wow, is Russia going out of Ukraine and Georgia and Moldova and returning Konisgberg?
Great news, thanks for letting me know that the invading orcs are going back home!

With products like a phone, there is always competition. If you manufacture a phone inside US and have to sell it for $5000 while China manufactures the same exact thing but for $500 you simply can not compete and nobody is going to buy the $5000 domestic phone! Not to mention that they won't even be able to afford to pay that much even if there were no alternative!!!

That's why Huawei can't make a 5g phone without US chips?  

So China also retaliates by screwing US, for example they dump $175 billion of the US bonds they were bag-holding, they join the dedollarisation wagon, they respond to the tariff war with tariff of their own, they disrupt exporting goods to US to disrupt their market, they manipulate the energy market to keep the prices up and damage US economy, they reduce or stop export of raw materials, and a lot more...

And when you wake up you see that you just had a wet dream again like you had for 3 decades, it might be the case that you need to let go of the anti-US propaganda and deal with facts, just as you like to deal with good old and valuable us dollars instead of shitty rials and yuans.

[coupable]

Although many people still do not accept the fact that the USD is fighting to lose its position, that is what is happening in the international trade market. Not only the BRICS countries are looking to reduce their dependence on the USD, but many other countries have also expressed support for this.

In confirmation of your opinion, I read since two days that the United Arab Emirates agreed with India to complete trade exchange deals between them in rupees, which can be considered an additional step in the same direction, although this is outside the BRICS framework.
And although I am convinced that the global economy in its current situation is unable to completely abandon the use of the dollar, I note that the dollar (the United States) is going through its most difficult period.
The most important question today is what is the really best option for the global economy (I mean in particular global trade exchanges)? I mean, is it good to keep the dollar as a major exchange currency, or will diversifying currencies have better results? Do not forget that the dollar is the supporter of America's position as a global power.

The world economy does not have to completely abandon the dollar. The US is a big country, it produces a lot of goods and services, and buys even more goods and services from abroad - and this part of the world economy, I think, will continue to use the US dollar as a unit of account in the future. But if the UAE is buying something from India, why would they use the US dollar? The practice of bilateral currency swaps in national currencies will continue to develop, increasing the share of national currencies in world trade and reducing the share of the US dollar. The United States will have to get used to living within its means.

Diversification of currencies in commercial exchanges means a decrease in the use of the dollar, i.e. a decline in its popularity in the global market, and this in itself will affect the position of the United States in determining its influence around the world.
With the testimony of all experts in economic history, America would not have become what it is today as a superpower until after the world signed the adoption of the dollar as the main global currency according to the Brettenwood Treaty. And since that date, it has been working to strengthen the position of the dollar and does not allow the expansion of the influence of any other currency to compete with it.
Any country has the right to adopt the currency it wants in its exchanges, and this is supposed to be only based on the approval of the two parties in the exchange. But its interests with the United States are what actually prevents it from doing so. As evidence of this, it is unlikely that a country from NATO would take such a step.

[Casdinyard]

This is what could be referred to in international politics as power tussle in terms of international levels of analysis. Haven such two conflicting countries like China and Russia coming together based on mutual economic interest against a common rival the USA is one that could be very frustrating for the US dollar with the unambiguous leverage and advantage the likes of Russia, China, Iran and Saudi Arabia have come together to give to the Chinese Yuan. With Russia in the forefront bent on the use of the Chinese Yuan instead of the US dollar in their country and in all of it's transactions and trades settlements with Latin America, Africa and Asia countries.
https://www.wsj.com/articles/russia-turns-to-chinas-yuan-in-effort-to-ditch-the-dollar-a8111457

What does this new development make for the US economy and the US dollar in the coming days and years to come.
Give your personal opinion on this development!

China and Russia conflicting? They've been corroborating for years now lol. The switch was more than expected although in all honesty I didn't expect Russia to yield this early against their power struggle. More than the effects that it would bring to the US economy, cause as far as I know Russia's not even one of the biggest contributors out there to begin with, is what urged Russia to do this maneuver in the first place. Are they growing weaker by the moment and are clinging on to whatever they can to continue funding their pointless war? Are they pushing towards the dedollarization, which if so is stupid cause these two countries weren't in good terms with USA anyway? We can only guess and assume.

[Sithara007]

The only asset that can replace the US Dollar is gold. But even in case of gold, it is doubtful, because an improvement in technology for extraction of gold can destroy it's value. Less than 200,000 tonnes of gold have been mined from the earth's crust till date. But at the same time, the ocean water contains 20 million tonnes of gold. It is not economically viable to extract gold from ocean water and therefore gold remains as a valuable asset for now. Chinese Yuan is not a suitable replacement for the USD, because it is one of the most manipulated currencies in the world.

[DrBeer]

The only asset that can replace the US Dollar is gold. But even in case of gold, it is doubtful, because an improvement in technology for extraction of gold can destroy it's value. Less than 200,000 tonnes of gold have been mined from the earth's crust till date. But at the same time, the ocean water contains 20 million tonnes of gold. It is not economically viable to extract gold from ocean water and therefore gold remains as a valuable asset for now. Chinese Yuan is not a suitable replacement for the USD, because it is one of the most manipulated currencies in the world.

He can't!
It's a misconception... The problem is that :
1. Objectively, there is a lot of gold being mined.
2. It is impossible to objectively find out the real gold reserves in the gold reserves of a country ! Some deliberately deceive, some secrecy, some simply tell tales about their reserves
3. If you have gold as such, an independent asset, it is even more impossible. Here are more details. There are countries where there are LARGE reserves of gold. Most countries do not have such reserves. Therefore, most countries will be against it. Because it will be "unfair" - some will have gold under their feet, and the majority will be forced to buy it by selling their assets. That is, there is some monopolization of gold production, which puts other countries in unequal conditions.

[Sithara007]

He can't!
It's a misconception... The problem is that :
1. Objectively, there is a lot of gold being mined.
2. It is impossible to objectively find out the real gold reserves in the gold reserves of a country ! Some deliberately deceive, some secrecy, some simply tell tales about their reserves
3. If you have gold as such, an independent asset, it is even more impossible. Here are more details. There are countries where there are LARGE reserves of gold. Most countries do not have such reserves. Therefore, most countries will be against it. Because it will be "unfair" - some will have gold under their feet, and the majority will be forced to buy it by selling their assets. That is, there is some monopolization of gold production, which puts other countries in unequal conditions.

Not sure about the third point. At present, none of the countries are having a monopoly on gold mining. Even the largest producer (China) accounts for less than 10% of the annual mine output. The situation now is much different from what we had two decades ago, when South Africa used to dominate gold production. China, Russia, Canada and United States are among the top-5 producers of gold and I don't think that there will be a lot of opposition from these countries in case gold is proposed as an asset that can be used to make payments for international trade.

[DrBeer]

He can't!
It's a misconception... The problem is that :
1. Objectively, there is a lot of gold being mined.
2. It is impossible to objectively find out the real gold reserves in the gold reserves of a country ! Some deliberately deceive, some secrecy, some simply tell tales about their reserves
3. If you have gold as such, an independent asset, it is even more impossible. Here are more details. There are countries where there are LARGE reserves of gold. Most countries do not have such reserves. Therefore, most countries will be against it. Because it will be "unfair" - some will have gold under their feet, and the majority will be forced to buy it by selling their assets. That is, there is some monopolization of gold production, which puts other countries in unequal conditions.

Not sure about the third point. At present, none of the countries are having a monopoly on gold mining. Even the largest producer (China) accounts for less than 10% of the annual mine output. The situation now is much different from what we had two decades ago, when South Africa used to dominate gold production. China, Russia, Canada and United States are among the top-5 producers of gold and I don't think that there will be a lot of opposition from these countries in case gold is proposed as an asset that can be used to make payments for international trade.

I'm not talking about one country. But deposits and production of gold are similar to deposits of oil, for example - there are, conditionally, several countries. And as you can see - this leads, especially in difficult situations, to the fact that some using "semi-monopoly position", begin to manipulate this resource.
Gold has the same risk if it is adopted as a "world" standard. Yes, for "local use", in "troubled" times - gold is not bad as a safe harbor, plus brings income. But ... imagine, or more correctly - model the situations that now NEFT has become the international currency of settlements. And you will realize what chaos the modern world would plunge into....