Brief by Shorts91 Newsdesk / 08:20am on 24 Jun 2025,Tuesday Business
Asia’s move away from the U.S. dollar is gaining momentum, with ASEAN nations pledging to boost local currency usage in trade and investment. According to Bank of America, de-dollarization in the region is expected to accelerate, driven by geopolitical tensions, U.S. sanctions, and currency volatility. The dollar's global forex reserve share has dropped from over 70% in 2000 to 57.8% in 2024. BRICS nations, especially China, are promoting yuan-based trade settlements. Analysts say hedging by Asian institutional investors is driving demand for currencies like the yen, won, and Taiwan dollar, though the dollar remains dominant in global trade invoicing. (PC: Reuters)
