Janet Yellen hits back at de-dollarization after Brazil and South Africa challenge the greenback's dominance
Treasury Secretary Janet Yellen has defended the dollar's crucial role in international trade after the leaders of both Brazil and South Africa questioned its dominance.
The presidents of the two countries appeared on a panel together at a conference in Paris on Friday. South Africa's Cyril Ramaphosa said that currencies would be"on the agenda" when theIn a press conference close to the finance summit, Yellen hit back against the de-dollarization movement by highlighting the reasons why the US currency has come to dominate trade.
"There is a very good reason why the dollar is used widely in trade, and that's because we have deep, liquid, open capital markets, rule of law and long and deep financial instruments," she said, according to theYellen's defense of the dollar comes at a time when several rival countries – spearheaded by China and Russia – areBeijing called for suppliers in the Middle East to trade using...
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