Commentary
China, Russia, and other countries want to drop the U.S. dollar, but there is no alternative.
In recent weeks, Chinese state media, cryptocurrency media, and other non-mainstream media have been running stories about how the world is abandoning the U.S. dollar as its reserve and trading currency. Other reports claim that the yuan is gaining internationalization, or that the BRICS grouping is set to issue its own currency, to move away from the dollar. The other claim is that OPEC will either switch to the yuan, a composite currency, or the BRICS currency.
These claims are highly exaggerated. It has always been a goal of Russia and China to move away from the dollar, and many nations resent Washington’s currency hegemony. But attempts to de-dollarize have proven impossible for numerous reasons, and the challenges seem insurmountable….