Many global leaders say the US dollar is used to push Washington's foreign policy priorities. Read more at straitstimes.com.
Brazil and China recentlyseeking to bypass the greenback in the process. India and Malaysia in April signed an accord to ramp up usage of the rupee in cross-border business. Even perennial US ally France is starting to complete transactions in yuan.
Nowhere has that been more evident than in Russia, where the US has brought unprecedented financial pain to bear on Vladimir Putin’s regime in response toThe Biden administration has imposed sanctions, frozen hundreds of billions of dollars of Moscow’s foreign reserves, and, in concert with Western allies, all but ousted the country from the global banking system.
“Now, a rational actor that knows it could potentially be in that situation in the future is going to prepare for that scenario, and it does make your coercive threats, your deterrent threats, less effective,” said Mr McDowell, the director of undergraduate studies in the political science department at Syracuse University.
And South Korea and Indonesia just weeks ago signed an accord to promote direct exchanges of the won and rupiah. To this day, it serves as the world’s dominant reserve currency, which has juiced demand for US bonds and allowed the country to run massive trade and budget deficits. The Biden administration has averaged 1,151 new designations per year to the Office of Foreign Assets Control’s list of specially designated nationals, according to a recent report from the Center for Economic and Policy Research.
But she noted that the greenback “is used as a global currency for reasons that are not easy for other countries to find an alternative with the same properties”.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WTA moves San Jose tournament to Washington for combined eventPARIS : The governing body of women's tennis paved the way for the first combined WTA-ATP tournament at the 500 level on Thursday as it approved the move of its San Jose event to Washington this year.San Jose's Silicon Valley Classic, founded in 1971 by American great Billie Jean King, has been held at ve
Read more »
Judge dismisses Washington, DC, privacy lawsuit against Facebook owner MetaWASHINGTON : A 2018 privacy lawsuit brought by Washington, D.C., against Facebook owner Meta Platforms Inc was dismissed on Thursday by a Superior Court judge, who ruled the firm did not mislead consumers over the Cambridge Analytica scandal.The lawsuit alleged violation of the district's consumer protect
Read more »
Taiwan, US to sign first deal under new trade frameworkThe first agreement under the framework would be signed in Washington on Thursday morning, US time. Read more at straitstimes.com.
Read more »
'Unfortunate' that Chinese counterpart declined talks: US defence chief AustinThe comments come days after Washington accused Beijing of an “unnecessarily aggressive manoeuvre” near a US surveillance aircraft. Read more at straitstimes.com.
Read more »
US seeks 'just and lasting peace' for Ukraine, Blinken saysWashington would also encourage initiatives by other countries to end the conflict, he said. Read more at straitstimes.com.
Read more »
Newly approved US flights by Chinese airlines avoid Russian airspaceWASHINGTON — Chinese airlines are avoiding flying over Russian airspace in newly approved flights to and from the US, according to flight tracking website FlightAware and industry officials. Russia has barred US airlines and other foreign carriers from flying over its airspace, in retaliation for Washington banning Russian flights over the US in March 2022 after the country invaded Ukraine....
Read more »