US importers are increasingly being asked by foreign counterparties to settle transactions in currencies other than the US dollar. The volatility of the US dollar, which has declined by 8% this year against a basket of other currencies, is driving this trend.
Foreign vendors are seeking to limit their exposure to further swings in the greenback by denominating contracts in local currencies or other alternatives.
bloomberg.com/news/articles/20…
Many Exporters No Longer Want Dollars, US Bank Executive Says
When Paula Comings, the head of currency sales for US Bancorp, talks to US importers, she increasingly hears the same message: Their foreign counterparties no longer want to be paid in dollars.Carter Johnson (Bloomberg)
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