The dedollarization drive is facing a confidence crisis as the yuan, ruble and Argentine peso simultaneously plummet, an analyst says

U.S. dollar notes are seen at a Kasikornbank in Bangkok Thomson Reuters Global dedollarization efforts face a credibility challenge as currencies of the nations leading the movement take a beating. Slumps in the ruble, yuan, and Argentine peso underscore how the US dollar is a more reliable currency, an expert told Insider. The anti-dollar drive picked up momentum following Russia’s war with Ukraine, as sanctions make foreign trade harder. An international campaign to end the US dollar’s dominance of global trade and investments is facing a credibility crisis, as the currencies of the nations leading the movement take a drubbing….