Asia is gradually moving away from the US dollar, driven by a mix of geopolitical uncertainties, monetary shifts, and currency hedging, leading to de-dollarization across the region.
The Association of Southeast Asian Nations, or ASEAN, has recently committed to enhancing the use of local currencies in trade and investment as part of its new strategic plan for the economic community from 2026 to 2030. The plan outlines efforts to reduce shocks associated with exchange rate fluctuations by promoting settlements in local currencies and enhancing regional payment connectivity.
