India, China plan to trade in own currency, cut US dollar dominance
A currency exchange vendor counts US dollar notes at Tahtakale in Istanbul, on March 22, 2021.China and India have embarked on separate de-dollarization plans in international transactions and allow them settle business in their own currencies. PHOTO | OZAN KOSE | AFP
Asian economic giants China and India have launched separate programmes in an attempt to reduce the dominance of the US dollar in international transactions and allow them settle business in their own currencies.
The strengthening and scarcity of the dollar has sent shock waves in global foreign exchange markets leading to a surge in inflation and interest rates.
