De-dollarization.

De-dollarization or “dedollarization” is the process of reducing the reliance on the U.S. dollar (USD) as a reserve currency.

As the reserve currency, the dollar is a medium of exchange, and a unit of account in the global economy.

Particular attention is paid to China’s rise in the global economy and digital currencies such as bitcoin.

Regarding China, a recent example is the use of the Chinese yuan to pay for crude oil transactions.

This allows countries to buy and sell oil without involving the U.S. dollar.

This is known as “petroyuan” which is similar to the “petrodollars.”

Petrodollars were created in the 1970s when Saudi Arabia and other oil-exporting countries agreed to price their products in U.S. dollars.

If another currency or group of currencies were to replace the U.S. dollar as the world’s dominant medium of exchange, the United States would lose the benefits it currently enjoys.

The countries with the new leading currencies would stand to gain.

That said, when the pound lost its power, another currency was waiting in the wings to take its place.

There is no one like that today.