10 SCO Countries Ready To Ditch US Dollar For Trade
The SCO 2024 summit is currently being held in Kazakhstan and the 10 member countries are participating in the event. China is pushing for de-dollarization and is trying its best to convince other SCO countries to ditch the US dollar for trade. The Communist nation wants other developing countries to use local currencies for cross-border transactions and not the US dollar. Read here to know how many sectors in the US will be affected if SCO ditches the dollar for trade. Also Read: BRICS: Start of De-Dollarization, 52% Trade in China Settled in Yuan SCO is an abbreviation for Shanghai Cooperation Organization and was formed in 2001. The Eastern European country Belarus joined SCO in July 2024 and is now part of the grouping. Belarus was sanctioned by the European Union and therefore joined the SCO to protect its economy and promote local currencies and not the US dollar. Also Read: China Advances De-Dollarization Agenda At the SCO 2024 Summit SCO Summit 2024: 10 Countries Look To Tra...