BEIJING, China—A number of countries around the world, including China, India, Iran, Turkey, Russia, Venezuela and others, are abandoning the U.S. dollar for
alternative payment methods, a new report states.
“China has taken significant steps towards strengthening their own yuan by accumulating gold reserves, launching yuan-denominated crude oil futures, and using their currency with trading partners. Russia, Iran, and Turkey have been pushed away from the United States dollar through sanctions that arose from political disputes,” Dash News reported. “This further compounded into their trading partners, such as India, using various national currencies other than the dollar for international trade deals.”
“Turkey is seeking escape from their inflation, while others claim to not to want to use the dollar due to its increasing volatility from uncertain policies,” the report continued. “Venezuela has long sought escape from the dollar, but gave into massive hyperinflation, partly as a cost of pursuing that goal without reprieve. Further, Russia recently set up its own alternative to the global financial messaging platform, SWIFT, in an attempt to have an alternative payment channel.”