Across the developing world, many countries are fed up with America's dominance of the global financial system, especially the power of the dollar.
Across the developing world, many countries are fed up with America's dominance of the global financial system -- especially the power of the dollar. They will air their grievances next week as the BRICS bloc of Brazil, Russia, India, China and South Africa meet with other emerging market countries in Johannesburg, South Africa.The dollar is by far the most-used currency in global business and has shrugged off past challenges to its preeminence.
In 2015, the BRICS countries launched the New Development Bank -- an alternative to the U.S. and European-dominated International Monetary Fund and World Bank. They also complain that fluctuations in the dollar can destabilize their economies. A rising dollar, for instance, can cause chaos abroad by drawing investment out of other countries. It also increases the cost of repaying loans denominated in dollars and buying imported products, which are often priced in dollars.
As it stands, 96% of trade in the Americas from 1999 to 2019 was invoiced in dollars, 74% of trade in Asia and 79% everywhere else, outside of Europe, which has the euro, according to calculations by U.S. Federal Reserve researchers.
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