September 18, 2021

Members of the Shanghai Cooperation Organization (SCO) are studying using local currency settlement while exchanging experience in financial areas, a move that experts said will be helpful to fend off US dollar hegemony. 

The SCO disclosed the plan in a document it rolled out during the 21st meeting of the SCO Council of Heads of State. The meeting was held in the Tajik capital Dushanbe amid the 20th anniversary of its founding.

Dong Dengxin, director of the Finance and Securities Institute of Wuhan University, said that use of local currencies could help the SCO member countries to bypass potential US sanctions, thus securing the region's financial safety. 

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