The US dollar's decades-old dominance as a reserve currency, medium of exchange or a unit of account has received a major challenge as more and more developing countries are calling for de-dollarisation. It calls for reducing the reliance on US dollar, which was given the coveted status by the Bretton Woods system established after the Second World War. Late last month, China and Brazil reached an agreement to settle trades in each other's currencies. And on Wednesday, Argentina said it will pay for Chinese imports in yuan instead of US dollars in order to preserve its dwindling foreign reserves.
