Global Market Outlook and The Acceleration of De-Dollarisation by James Chin

In 1974, Saudi Arabia priced its oil exclusively in US dollars in exchange for security guarantees from the United States. This petro-link is one of the pillars on which the US dollar rests as the world’s primary reserve currency today. During the 2023 World Economic Forum in Davos, Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan, stunned reporters when he expressed that the oil-rich nation was open to trading in currencies besides the U.S. dollar for the first time in 48 years. Is this the beginning of de-dollarisation?

Then in April 2023, during a state visit to Beijing, Brazilian President Lula reportedly called for reduced reliance on the US dollar for international trade. He suggested BRIC countries to come up with their own alternative currency for use in trade.

This course will analyse key global economic data covering the United States, Europe, Japan, China, Malaysia and other key markets besides analysing the possibility of de-dollarisation.

Learning Outcome