The dollar could compete with Asia if the latter created a new national currency, but it won't happen anyway, Bloomberg reported.
According to the author of the article, such large Asian countries as India, China, Japan and South Korea will not dare to create a new currency yet. Because of this, the dollar will continue to sit on its throne.
The publication noted that another rival of the dollar was the alleged South American common currency with the working name of the sur (south). However, such an idea has arisen from time to time since the early 80s. That said, if a new currency were to emerge, it would be between Brazil and Argentina. Although other South American countries may want to join. But so far all the shortcomings of local currencies is smoothed by the U.S. dollar.
The agency explained that the dollar has certain advantages, which are associated with familiarity and widespread use. In addition, 40% of trade in the world is carried out in U.S. currency. Therefore, as long as Asian countries can settle their own currencies with the dollar, there will be no need to create a new one.