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Asian Economies Could Benefit From Reduced Dollar Influence, Says Devere CEO

Asian Economies Could Benefit From Reduced Dollar Influence, Says Devere CEO
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The CEO of asset management firm Devere Group says the world is shifting “away from a dollar-dominated financial system.” Emphasizing that a shift away from U.S. dollar influence “could have positive implications for Asian economies,” he described: “With the dollar losing its stranglehold, Asian economies would also likely experience a diversification of reserve currencies, paving the way for greater regional trade and investment opportunities.”

How Reducing Dollar Dependence Could Benefit Asian Countries

Nigel Green, CEO of asset management firm Devere Group, published an opinion piece in Asia Times on Friday arguing that the decline of the U.S. dollar could benefit Asian economies. The executive began:

I believe that we are witnessing in real time the world beginning to shift away from a dollar-dominated financial system.

“Among other reasons, this is because astronomic levels of debt, and the enormous amount of desperate money-printing to monetize these debts, have caused a considerable drop in the long-term value of the currency,” he detailed.

Reiterating his warning earlier this year that the U.S. dollar’s dominance is under threat as Russia and Saudi Arabia eye the Chinese yuan for oil trade, the Devere boss emphasized:

A shift away from dollar influence could have positive implications for Asian economies.

He explained that reduced reliance on the greenback would allow Asian countries to “implement policies that are more tailored to their domestic economic conditions, potentially boosting stability and growth.”

Green further detailed: “With the dollar losing its stranglehold, Asian economies would also likely experience a diversification of reserve currencies, paving the way for greater regional trade and investment opportunities.” He continued: “A multilateral currency system would promote more extensive use of regional currencies like the Japanese yen, Chinese yuan and Indian rupee, making trade within Asia more accessible and efficient.”

Moreover, “A diminished dollar dominance would lead to more stable exchange rates, reducing volatility and uncertainty in cross-border transactions,” he noted. The Devere executive concluded:

A decline in dollar dominance would encourage Asian countries to diversify their reserve holdings, leading to better allocation of resources and increased investment in productive sectors.

Do you agree with Devere CEO Nigel Green about the decline of the U.S. dollar benefiting Asian economies? Let us know in the comments section below.

Source: Bitcoin.com

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Text source: Crypto Breaking News

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
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