American bank executive: Many exporters no longer need the US dollar.

When Paula Comings, the foreign exchange sales manager at Bank of America, spoke with American importers, she increasingly heard the same message: their foreign trading partners no longer wanted to be paid in dollars. Instead, they requested settlements in euros, renminbi, Mexican pesos, and Canadian dollars to limit the risk exposure caused by further fluctuations in the dollar. "Many customers were reluctant before, because in the eyes of suppliers, the dollar was considered sacred and inviolable," Comings said. "Now, the attitude of overseas suppliers seems to be, 'Just give us our currency.'" Although the dollar briefly rose during the turmoil in the Middle East, it has still fallen about 8% against a basket of other currencies this year. According to the Bloomberg index, the dollar had a significant 7% increase in the last quarter of 2024. This volatility has made pricing decisions more complex and has brought profit risks, which means that the dollar is increasingly falling out of favor.