Fitch Rating's decision to cut the U.S. government's credit rating represents the latest in a series of blows to the U.S. dollar's international standing and...
Fitch Ratings’ decision late Tuesday to cut the U.S. government’s credit rating represents the latest in a series of blows to the U.S. dollar’s international standing and reputation, one financial markets economist told MarketWatch.
“There’s clearly a movement afoot to try and replace the U.S. dollar among some countries in the world,” said Thierry Wizman. De-dollarization has become a hot topic in economic and markets circles since Russia’s invasion of Ukraine. Russia, China and Brazil will soon have an opportunity to make their case at an upcoming summit for the so-called “BRICS” nations later this month in South Africa, Wizman said. South African President Cyril Ramaphosa has invited dozens of other nations as well, in addition to Russia, China, Brazil, India and South Africa, the original “BRICS” nations.
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