De-dollarization accelerates as Europe turns east
Duncan Richardson, News Editor
20 Mar 2015, 2:24 p.m.
The move away from the dollar is accelerating following the decision by Germany, France and Italy to join the China led Asian Infrastructure Bank. The United States view the new Bank as a rival to the Washington based World Bank. The announcement comes only days after the UK decided to defy the U.S. and join the Chinese led institution. China confirmed Luxembourg and Switzerland are also likely to join.
The Chinese led bank is putting into question the World Bank and International Monetary Fund which was born following the Bretton Woods conference in 1944.
With Russia and China developing their own alternative to the U.S payment network, Swift, it appears China is building both the infrastructure and institutions to challenge the dominance of the U.S dollar as the world’s reserve currency.