Russia's Foreign Minister Sergei Lavrov has suggested that the U.S. dollar could be losing its as the world's most important . Mr Lavrov said that the U.S. has imposed economic on countries like Iran, Turkey and Russia, these countries could start conducting business in their own national currencies of the dollar. In addition, countries that have had trade tariffs imposed on by the U.S. could also do trade in their own currencies. This could include the global superpower China ditching the dollar. China is already setting up trade in its own currency. Experts say the U.S. dollar could lose its as the international reserve currency.
The U.S. dollar replaced the British pound as the international reserve currency in the 1920s. Since , most international trade has taken using the dollar. Today, when China buys from Iran, it pays in U.S. dollars. This means U.S. dollars flow out of the U.S. than flow in. The of this is the U.S. has a currency deficit as its dollars are in the bank of other countries. Mr Lavrov said: "I'm that the grave abuse of the role of the U.S. dollar as a global reserve currency will result over time in the weakening and of its role." China's currency the yuan is emerging as an trading currency. Africa's most populous nation Nigeria has started trading using the yuan.