Dollar Regime gets taken down another peg as Japan, Korea and China consider leaving dollar settlement for regional trade
Russia and China have already made the agreement to settle in either Yuan or Rubles. Now other countries are following suit. Via MW:
Officials from China, Japan and South Korea agreed on Wednesday to study a proposal to use their own currencies for regional trade settlement instead of the U.S. dollar, according to a Dow Jones Newswires report.
The report cited a joint communiqué issued in Hanoi.
Finance officials from the three big Asian economies said they were mindful of challenges arising from inflation, noting commodity prices were high while volatile capital inflows were also a concern.
They also agreed to study regional infrastructure financing and disaster risk insurance, the report said.