The Vice-President of the South African National Assembly, the Hon. Lechesa Tsenoli stated that the attempts of the USA to put pressure on other countries with dollar hegemony are unacceptable.
Hon. In an exclusive interview with the China Media Group (CMG), Lechesa Tsenoli pointed out that the dominance of the US dollar in world trade should be broken and a fair trade model should be established where the dollar is not the only true global currency.
Noting that the Federal Reserve has continued to increase interest rates aggressively over the past year, which has led to large flows of capital from emerging economies to the United States, Tsenoli underlined that this has done great harm to emerging economies.
Stating that the USA can benefit from the development blessings of other countries as much as it wishes through the hegemony of the dollar in international exchange and financial infrastructure, Tsenoli said that the USA transfers its own risks to other countries in times of crisis, such as large national debt, and tries to make the world pay for the irresponsible behavior of the USA with hegemonic actions.
Expressing that there should be an alternative to the US dollar for these reasons, Tsenoli stated that it is a fairer option for different countries to use their own currency in world trade.