King Dollar is facing a revolt.
Tired of a too-strong and newly weaponised greenback, some of the world’s biggest economies are exploring ways to circumvent the US currency.
Smaller nations, including at least a dozen in Asia, are also experimenting with de-dollarisation. And corporates around the world are selling an unprecedented portion of their debt in local currencies, wary of further dollar strength.
No one is saying the greenback will be dethroned anytime soon from its reign as the principal medium of exchange. Calls for “peak dollar” have many times proven premature. But not too long ago it was almost unthinkable for countries to explore payment mechanisms that bypassed the US currency or the SWIFT network that underpins the global financial system.
Now, the sheer strength of the dollar, its use under President Joe Biden to enforce sanctions on Russia this year and…
