International Movement to Dethrone the US Dollar Gains Steam

Speaker of the House Kevin McCarthy (R-Calif.) (C) speaks at a press conference with a group of bipartisan U.S. lawmakers, including Rep. Ryan Zinke (R-Mont.), after they met with Taiwanese President Tsai Ing-wen on April 5, 2023, in Simi Valley, California. Mario Tama/Getty Images

It has been nearly a decade since China and Russia fired the opening salvo in their quest to dismantle the U.S. dollar’s standing as the chief international reserve currency.

These de-dollarization efforts have accelerated over the past 12 months, with more countries joining Beijing and Moscow’s anti-dollar crusade.