Paula Comings, head of currency sales at US Bancorp, reports that an increasing number of U.S. importers are being asked by their overseas suppliers to settle invoices in currencies other than the U.S. dollar. Foreign counterparties are offering price discounts when payments are made in euros, yuan, pesos or Canadian dollars, she says. Market commentators note that heightened dollar volatility and perceived pricing risks are prompting exporters to diversify away from the greenback, eroding its role as the primary currency for global trade invoicing. Financial analysts told Reuters the trend is also spurring investors to look for alternative reserve assets as questions mount about the dollar’s haven status.
Interesting to see foreign counterparties shying away from the US dollar. https://t.co/42odPAS8K1
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Many exporters no longer want dollars, US bank executive says https://t.co/DbEPglMgbD via @business