Projection: The U.S. Dollar Will Be Replaced in International Trade
One of the claims made in the Time article Shock Events to the World That Are Already in Sight is that “the U.S. dollar is going to be replaced in international trade”.
Although it is unlikely that the dollar will be replaced as the global reserve currency, its importance in international trade is clearly under attack.
Maha Hosain Aziz, author of the report, explains: Prior to the COVID-19 pandemic, there were repeated discussions about a new currency proposed by the intergovernmental organization BRICS and calls from China to use its own currency for more trade. But the response has been limited.
In the post-pandemic world, this sentiment has resurfaced with a vengeance. The article lists several countries that have already moved away from the dollar, as well as specific industries that are looking beyond the dollar.