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 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.