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
Well, as with with anything w/r/t de-dollarization, there is a loooong row to hoe. The USD is just thoroughly dominant in international transactions and currency reserves. No doubt it's possible that de-dollarization will snowball and the rate of de-dollarization increases over time, we are still a long way from the US feeling the real negative consequences.