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Is US-China trade war eroding U.S. dollar dominance?

Section: Daily Dispatches

By Karen Yeung
South China Morning Post, Hong Kong
Monday, May 13, 2019

The contemplation by Asian finance leaders to add the Chinese and Japanese currencies to a regional foreign reserves buffer fund is the latest sign that the trade war is causing countries to slowly move away from dependence on the U.S. dollar.

Their consideration, analysts said, could be underpinned by expectations of the shift in world consumption patterns and corporate investments away from a globalised trading system and toward a system centred on the three large regions -- the U.S., the European Union, and China -- that operate differently.

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The 10 members of the Association of Southeast Asian Nations plus China, Japan, and South Korea, together known as “Asean+3,” were reported this month to be considering including the yuan and the yen to their Chiang Mai Initiative Multilateralisation scheme, a framework for multicurrency swap arrangements. ...

The review of the scheme to add additional regional currencies into the fund amid the escalating U.S.-China trade war underscores not only growing efforts in Asia to bolster intraregional financial linkages but also the regional countries' intent to reduce reliance on the U.S. dollar-based financial system. ...

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