In March of last year, it was reported that Saudi Arabia was considering accepting Chinese yuan for its oil exports to the People’s Republic of China. This is a monumental shift: virtually every oil contract in the world is denominated and settled in U.S. dollars. It was also reported that a number of Saudi officials are in favour of diversifying their currency exposure by accepting Chinese yuan despite US officials calling such moves by the Saudi government “symbolic”. In actuality, this was not an isolated incident. It is merely another iteration of a larger exercise underway in major global economies worldwide – “de-dollarisation” – which will have substantial repercussions for U.S. economy and its financial market. How It All Started and Ended In the initial stages of World War II, the