Overview

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10 ASEAN countries have agreed to stop trading in the U.S. dollar and will use native currencies for cross-border settlements. ASEAN is a bloc of 10 countries compromising A new bloc of ASEAN countries has come forward and agreed to ditch the dollar for global trade. The ASEAN alliance is looking to promote their native currencies for cross-border transactions A new bloc of ASEAN countries has come forward and agreed to ditch the dollar for global trade. The ASEAN alliance is looking to promote their native currencies for Amid debt-ceiling crisis, the issue of de-dollarisation by ASEAN countries looms over the United States. 10 ASEAN nations are on the verge of de-dollarisation. The

After BRICS, 10 ASEAN Countries Ditch the U.S. Dollar: What It Means

The global economic landscape is shifting. Following the momentum of BRICS nations exploring alternatives to the U.S. dollar, a significant development is underway in Southeast Asia. 10 ASEAN countries have agreed to stop trading in the U.S. dollar and will use native currencies for cross-border settlements. This move, driven by a desire for greater economic autonomy and stability, could have far-reaching consequences for international trade and the dominance of the dollar.

De-dollarisation Gaining Traction in ASEAN

The ASEAN alliance is looking to promote their native currencies for cross-border transactions, signaling a clear intention to reduce reliance on the greenback. This initiative comes at a critical time, especially amid debt-ceiling crisis, the issue of de-dollarisation by ASEAN countries looms over the United States. Experts believe this is a strategic response to perceived vulnerabilities and the desire to control their own financial destinies. This is not just talk; A new bloc of ASEAN countries has come forward and agreed to ditch the dollar for global trade.

Why Are ASEAN Countries Moving Away From the Dollar?

Several factors contribute to this growing trend:

  • Economic Independence: Using local currencies reduces exposure to fluctuations in the value of the U.S. dollar and gives ASEAN nations greater control over their monetary policies.
  • Reduced Transaction Costs: Direct currency exchanges eliminate the need for conversion through the dollar, potentially lowering transaction costs for businesses.
  • Geopolitical Considerations: The move reflects a broader trend of countries seeking to diversify their economic partnerships and reduce dependence on any single currency or nation.

Which Countries Are Involved?

ASEAN is a bloc of 10 countries compromising a diverse range of economies, and while specific details about which nations are leading this initiative are still emerging, the overall commitment to exploring alternative currencies is clear. 10 ASEAN nations are on the verge of de-dollarisation.. This signals a collective effort within the region to reshape its financial relationships.

The Future of ASEAN and De-dollarisation

The decision by some ASEAN countries to move away from the U.S. dollar is a significant step in the ongoing debate about the future of the global financial system. A new bloc of ASEAN countries has come forward and agreed to ditch the dollar for global trade. The ASEAN alliance is looking to promote their native currencies for improved regional integration and greater economic stability. While the U.S. dollar is unlikely to lose its global reserve currency status overnight, the momentum toward diversification is undeniable. This move could encourage other nations to explore similar alternatives, further reshaping the global financial landscape.

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