Dedollarisation is a process of substituting US dollar as the currency used for:
- Trading oil and/ or other commodities (see Pétrodollar)
- Buying US dollars for the forex reserves
- Bilateral trade agreements
- Dollar-denominated assets
Since the establishment of Bretton Woods system, the US dollar is used as the medium for international trade. In recent years, several countries are transitioning to trade in national currencies. In September 2018, World Bank economists announced that the process of dedolarisation in the World has begun and can no longer be stopped.
In 2013, Australia made an agreement with China to trade in national currencies.
In 2013, during the BRICS summit, Brazil made an agreement with China to trade in Brazilian real and Chinese yuan
Since 2011, China is gradually shifting from trade in US dollar and in favour of Chinese yuan. It made agreements with Australia, Russia, Japan, Brazil, Iran to trade in national currencies.
China as well started buying oil in gold-backed yuans.
In 2011, Japan made an agreement with China to trade in national currencies. Sino-Japanese trade is currently worth ~US$300 billion.
Lukoil, a state-owned company announced that it will find a replacement for dollar.
In August 2018, Venezuela declared that it would price its oil in Euros, Yuan and other currencies.
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