China and Russia have announced that they will no longer use the dollar for bi-lateral trade. Instead they will use either the ruble or the yuan.
Should you be scared? Is this the end of the dollar? Meh, not really. This is what everyone wants to see happen; we want the yuan to become a real currency used in trade, just like many other countries currencies are.
It’s not the end of the world if the dollar isn’t the world’s sole reserve currency. It certainly hasn’t been bad for the yen, or the Singapore dollar, or the Swiss Franc — all widely respected and used global currencies — that aren’t THE RESERVE CURRENCY. There’s plenty of stuff to freak out about. This is not one of those things.
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