this post was submitted on 02 Jul 2023
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(Bloomberg) -- All around the world, a backlash is brewing against the hegemony of the US dollar.

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[–] [email protected] 16 points 1 year ago* (last edited 1 year ago) (1 children)

Using local currencies is good for the economies themselves, as it gives them autonomy.
However, These governments can weaponize their own currencies too.
So using a 3rd party stable currency to assure value over time and that neither party could manipulate the value makes sense.

Also, a lot of economies carrying a stake in each others currency will make going to war more costly (for everyone), meaning that it might serve as a stabilizing factor. I cannot imagine the Yuan replacing the dollar, as China will not hesitate to weaponize it if it suits them.