{"id":37343,"date":"2023-01-12T23:25:48","date_gmt":"2023-01-12T23:25:48","guid":{"rendered":"https:\/\/ismartnetwork.co.uk\/?p=37343"},"modified":"2023-01-13T16:00:09","modified_gmt":"2023-01-13T16:00:09","slug":"asia-moves-to-torpedo-the-sneidy-uncle-sampan","status":"publish","type":"post","link":"https:\/\/ismartnetwork.co.uk\/?p=37343","title":{"rendered":"Asia moves to torpedo the sneidy Uncle Sam-pan"},"content":{"rendered":"\n
De-Dollarization Accelerates: The Beginning of the End for US Dollar Hegemony in Southeast Asia?By Timothy Alexander Guzman<\/a>Global Research, January 12, 2023<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
\u200a<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
The US is facing major moves by the global community to de-dollarize their economies. The reserve status of the US dollar will eventually come to an end, maybe not anytime soon, but sometime in the future as it is facing numerous challenges not only from major powers such as Russia and China who are actively trying to rid themselves of the toxic currency, but also countries with smaller economies who are based in the Southeast Asian region which includes Singapore, Malaysia, Indonesia, Cambodia, Thailand, and Laos. The globalist think tank, the Carnegie Endowment for International Peace (CEIP) published an article on August 22nd, 2022, on the US dollar\u2019s waning influence in Southeast Asia titled \u2018Southeast Asia\u2019s Growing Interest in Non-dollar Financial Channels\u2014and the Renminbi\u2019s Potential Role\u2019<\/a> stated what was taking place between China and several Southeast Asian countries:
China\u2019s central bank\u2014announced the launch of a new emergency liquidity arrangement that can be funded using renminbi and tapped by participating central banks during times of market stress. Three of the five participating central banks are Singapore\u2019s, Malaysia\u2019s, and Indonesia\u2019s, which each recently renewed agreements with the PBOC implicitly aimed at reducing dollar usage in cross-border payments. This follows policymakers in Thailand, Laos, Cambodia, and Myanmar all announcing efforts to reduce dollar usage, as well as comments by Indonesia\u2019s central bank head that consumers across five of Southeast Asia\u2019s largest economies will soon be able to make intra-regional cross-border payments via linkages that avoid using the dollar as an intermediary, as is currently often the case<\/em>
Interestingly, The CEIP listed several reasons why Southeast Asian countries want to dramatically reduce the use of US dollars are as follows:
Several factors are behind the various efforts aimed at reducing dollar usage in Southeast Asia. To begin with, many officials are concerned about the potential economic impacts of U.S. monetary policy tightening on the region given its high usage of the dollar; accordingly, some are seeking to reduce usage of the dollar in intra-regional trade payments as a means of curbing dollar reliance more broadly. Recent sanctions may also be spurring demand for alternative financial channels\u2014for example, Myanmar\u2019s military government is actively exploring how to circumvent EU and U.S. sanctions to transact with Russia<\/em><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"

De-Dollarization Accelerates: The Beginning of the End for US Dollar Hegemony in Southeast Asia?By Timothy Alexander GuzmanGlobal Research, January 12, 2023 \u200a The US is facing major moves by the global community to de-dollarize their economies. The reserve status of the US dollar will eventually come to an end, maybe not anytime soon, but sometime in the …<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-37343","post","type-post","status-publish","format-standard","","category-uncategorized"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/ismartnetwork.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/37343","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ismartnetwork.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ismartnetwork.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ismartnetwork.co.uk\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ismartnetwork.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=37343"}],"version-history":[{"count":2,"href":"https:\/\/ismartnetwork.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/37343\/revisions"}],"predecessor-version":[{"id":37345,"href":"https:\/\/ismartnetwork.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/37343\/revisions\/37345"}],"wp:attachment":[{"href":"https:\/\/ismartnetwork.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ismartnetwork.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ismartnetwork.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}