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US Treasury Secretary Janet Yellen has highlighted the dangers of the continued use of financial sanctions that rely on the role of the US dollar. Yellen acknowledged that sanctions can undermine the dollar’s hegemony in international markets, pushing countries to seek alternatives, but highlighted the unique institutional infrastructure of the currency.
Sanctioned countries like #China and #Russia have already started to develop integration policies and settlement transactions using the Chinese yuan. Brazil has also called for developing nations to abandon the US dollar, and #Russia and Iran are finalizing an agreement to deepen trade collaboration.