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There are many strong reasons for countries to seek alternatives to trading in USD, the constant fear of sanctions being the most commonly cited. But a greater catalyst is that Washington's titanic fiscal deficits are draining US dollars from the global banking system. Even our allies are left with few options, but to set up bilateral swap lines directly between buyers and sellers, as USD liquidity drains away.
Resources and links:
East Asia Forum: Chinese yuan gains currency in the Gulf States
eastasiaforum.org/2024/01/17/...
US Treasury auction schedule home.treasury.gov/system/file...
ZH, Ugly tailing 10-year auction
www.zerohedge.com/markets/ugl...
Futures firm after 5-year note auction www.marketwatch.com/livecover...
Investopedia: indirect bidders
www.investopedia.com/terms/i/...
Graphic, China's largest trading partners
www.reddit.com/r/neoliberal/c...