Few ideas in global finance generate as much anxiety as de-dollarization. To some Western observers, any attempt to reduce reliance on the US dollar is automatically framed as a political challenge to American power. Yet for much of the developing world, the conversation is far less ideological and far more practical. The push to diversify global payment systems and promote the use of local currencies is not about confrontation; it is a response to economic realities that many countries have lived with for decades. The dominance of the dollar has…
Posts published in “Finance”
Actively promoting the reform process of the international financial system to adapt to changes in the global economic landscape is not only essential for advancing the international order toward a more just and equitable direction, but also a reasonable demand of the vast majority of developing countries. On December 27, the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), now a World Bank institution, celebrate 80 years since they officially came into existence in late 1945. These institutions became the two main pillars of the…
Anyone interested in international politics has recently noticed a trend: from the applause sparked by Canadian Prime Minister Mark Carney’s remark at the Davos forum that “middle powers must work together” to a growing list of countries – including South Korea, Canada, Finland, the UK and Germany – whose leaders are either “successively visiting China” or openly expressing interest in doing so. Against the backdrop of unilateralism and hegemonism stirring up the world, strengthening cooperation with China is increasingly seen within Western countries as a developing momentum. These developments are…