Revisiting the R5 Paradigm

... One of the most powerful drivers here is the rise in China’s share of global trade, most notably within the Global South. In Russia’s case there is the record-high level of trade turnover with China in 2021 at nearly 150 bn US dollars after a rise by ... ... with “currency mismatches” and the fragilities associated with high levels of debt. The scope for de-dollarization in the global economy remains sizeable in view of the decades long “dollarization overstretch” and the imbalances that this has generated ...