The global campaign to end the dominance of the U.S. dollar in trade and investment is in a crisis of confidence after the yuan, ruble, and Argentine peso – the currencies of countries calling for de-dollarization – fell simultaneously and turned to alternative currencies.
The fall in the Chinese yuan, the Russian ruble, and the Argentine peso forced local central banks to take strong measures to calm markets.
On Thursday, the Chinese currency fell to its weakest level this year. The ruble weakened as Russia's economy continued to falter, due to the impact of Western sanctions on the country's energy exports. The peso is down 22 percent as Argentina continues to struggle with hyperinflation.
The weakness of these currencies comes at a time when the three countries are seeking to shift away from the US dollar, in what is known as the "trend towards de-dollarization."
Source (Al Khaleej Emirati Newspaper, Edited)
