Source: United States & Canada – South China Morning PostFor decades, cross-border trade in the Asia-Pacific has been denominated in US dollars. Given the currency’s relative stability and accessibility, small and medium-sized businesses, merchants and manufacturers looking to expand across borders traditionally conducted international trade in the US dollar.
For instance, a Shenzhen manufacturer in China paying its Indonesian supplier would convert yuan to US dollars for the payment, which when received will be converted to Indonesian rupees, and…Read More