back

by TMWNN·5y ago·view on hn ↗
>But enough major players are sick of it that it is falling apart. China, Russia, India, Brazil, most of the Middle East and a good chunk of Africa no longer see this system as providing value for them and they are eagerly looking for ways to settle trade directly in their own currencies and through their own pipelines.

China, Russia, India, Brazil, most of the Middle East and a good chunk of Africa have always been able to accept renminbi, rubles, rupees, reals, etc. They prefer dollars to those other currencies, regardless of cross-border payment methods. This won't change a thing.

1 comments
> Have always been able to accept.

Legally yes, practically no.

You seem to be under the impression that when an American, Japanese, or German businessman goes to India, Russia, or Africa, it's the businessman who chooses the currency. No; nine times out of ten it's the locals who want US dollars.