The yuan's chances of claiming the US dollar’s position as the main settlement currency depend on other countries' confidence in China's progress. yuan
Chinese experts have called on leaders of BRICS countries to consider countering the dollar, whose global hegemony is thought to be abusive. Still, the experts concede that any attempt to diminish the dollar’s dominance will take time.Chinese experts have urged BRICS countries, namely Brazil, Russia, India, China and South Africa, to counter the dollar’s global dominance which is now being abused by the United States government, a report has said.
The international transactions and financial markets, which are dominated by the US dollar, have shown growing internal contradictions as Washington’s policies treat its domestic needs as the first goal instead of international needs.The expert added that the recent sanctioning of Russia, as well as the United States government’s freezing of the former’s forex and gold reserves, means the U.S. dollar is no longer a neutral currency.
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