NEW YORK — Oil-importing countries suffered an unprecedented dual blow this year, since oil prices went up while other currencies depreciated against the ALL OF US dollar. Not only do Hard anodized cookware and other emerging market currencies buy much less in terms of US dollars, but oil expenses more in terms of small dollars – almost triple its local currency price of 2 yrs ago.
The particular double squeeze can put a tailwind behind Asian attempts to ditch the particular dollar as a trading currency. Asian main banks already have more than US$400 billion associated with local currency exchange lines and can trade among themselves within their own currencies.