Editing Dedollarization (section)

===2020s===
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is the digital clearinghouse protocol for international inter-bank USD transactions, all transactions of which are cleared through the New York Federal Reserve Bank. SWIFT has been politicized and used as a financial weapon against states which find themselves in the poor favor of the USA.

In 2021, Russia, China, and the [[European Union|EU]] are all increasingly interested in reducing their reliance on dollars in their trade.<ref>Divyanshu Jindal (2021-09-18). [https://moderndiplomacy.eu/2021/09/18/russia-china-and-eu-are-pushing-towards-de-dollarization-will-india-follow/ "Russia, China and EU are pushing towards de-dollarization: Will India follow?"] ''Modern Diplomacy''.</ref> This comes after the US threatened to suspend Russia's participation in the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system for political reasons.

Following the [[2022 Russo-Ukranian conflict|2022 Russo-Ukrainian conflict]], Western nations voiced support for censoring Russia from the SWIFT system. Weeks later, the [[Eurasian Economic Union]] (EAEU) and China are confirmed to be working on an "independent international monetary and financial system"<ref>[[Pepe Escobar]] on [[Twitter]]: [https://twitter.com/RealPepeEscobar/status/1503466633066655744?s=20&t=uVkIQEbqC9jwJkiT367y1w "...On Friday, the Eurasian Economic Union (EAEU) and China decided to design the project for an INDEPENDENT INTERNATIONAL MONETARY AND FINANCIAL system. ..."] ''(Archived)''</ref><ref>"The EAEU and China will develop a project of an international financial system" (2022-03-14). ''Kapital.kz''.</ref> In 2022, the use of dollars for Russia–China trade dropped from 80% to 40% and yuan use rose from 1% to over 40% following Western [[Economic sanctions|sanctions]].<ref>Ben Norton (2022-12-26). "Russia dropping US dollar for Chinese yuan – and fast" ''Multipolarista''. Archived from the original on 2022-12-27. Retrieved 2022-12-27.</ref>

Increasingly, international investors are beginning to realize the risks associated with holding USD which are constantly debased through money printing (also known as quantitative easing, or QE). Investors recognize that Russia and China are propelling the global de-dollarization process.<ref>Louis Gave (2022-06-29). [https://youtu.be/IqoUP1YEeM0 "De-Dollarization Is Accelerating, Propelled By China & Russia | Louis Gave"] ''Wealthion''.</ref>

In 2022, [[Federative Republic of Brazil|Brazilian]] president-elect [[Luiz Inácio Lula da Silva|Lula da Silva]] proposed creating a new currency for international [[Latin America|Latin American]] trade called the Sur and strengthening [[UNASUR]]. [[Republic of Ecuador|Ecuadorian]] economist and politician [[Andrés Arauz]] said Latin America should reject the [[International Monetary Fund|IMF]] and help [[Africa|African]] countries relieve their debt.<ref>[[Ben Norton]] (2022-12-01). [https://multipolarista.com/2022/12/01/latin-america-us-dollar-currency/ "Latin America’s plan to challenge US dollar with new currency and ‘regional financial architecture’"] ''[[Multipolarista]]''. [https://web.archive.org/web/20221202011312/https://multipolarista.com/2022/12/01/latin-america-us-dollar-currency/ Archived] from the original on 2022-12-02. Retrieved 2022-12-04.</ref>