The weaponizing of the US dollar, the world's reserve currency, through sanctions has prompted ASEAN countries to warn the United States of the looming consequences. Former officials spoke at a conference in Singapore on Tuesday about ongoing de-dollarization efforts and what economies in the region should do to mitigate the risks of a still-strong US dollar , which has weakened local Asean currencies and become a tool of economic statecraft. "The US dollar is a curse on all of us," said George Yeo, Singapore's former foreign minister, at a conference hosted by the ISEAS-Yusof Ishak Institute. "If you weaponize the international financial system, currency alternatives will emerge to replace it," he added, and the US dollar's advantage will be lost. While few expect the dollar to lose its global sovereign status anytime soon, Yeo believes the risk should be taken more seriously. "No one knows how soon this will happen, but financial markets must keep a close eye on it," said Yeo, a professor from the National University of Singapore. US dollar transactions According to the Bloomberg Dollar Spot Index, the US dollar is down 0.67% in the first trading days of 2023, through the end of Tuesday, after gaining… Read full this story
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