China and Brazil appear to be joining forces in an attempt to unseat the dollar as the de facto global reserve currency. According to Brazil's central bank, the two countries are actively discussing trading with each other using the real and the renminbi instead of the dollar. Concerns about the ever-burgeoning US budget deficit have also come back to haunt the dollar, with ratings agency Moody's warning that the US is at risk of losing its triple-A credit rating if it does not clean up its finances.
DOLLAR COMES UNDER RENEWED PRESSURE Anita Hawser Global Finance; Jun 2009; 23, 6; Docstoc pg. 4 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
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