China and Brazil have reached a deal to trade in their own currencies, ditching the US dollar as an intermediary
The deal will enable China, the top rival to US economic hegemony, and Brazil, the biggest economy in Latin America, to conduct their massive trade and financial transactions directly, exchanging yuan for reais and vice versa instead of going through the dollar.
:xicko:
Now the Belt and Road Initiative, please
Just want to add that the Dollar being the go-to trading currency also enables the US to print money to finance itself while offloading the inflation that such a thing would usually cause to the global economy instead of just itself.
Reduced global demand for dollars squeezes the US's finances and may some day cause it to have to grapple with its huge deficit.