Title: International use of the U.S. dollar - Wikipedia
Headings: International use of the U.S. dollar
International use of the U.S. dollar
Contents
International reserve currency
U.S. Dollar Index
Dollarization and fixed exchange rates
Dollar versus Euro
Chinese-issued U.S. dollar bonds
See also
References

Content: On July 21, 2005, both countries removed their pegs and adopted managed floats against a basket of currencies. Kuwait did likewise on May 20, 2007. However, after three years of slow appreciation, the Chinese yuan has been de facto re-pegged to the dollar since July 2008 at a value of ¥6.83/USD; although no official announcement had been made, the yuan has remained around that value within a narrow band since then, similar to the Hong Kong dollar. Several countries use a crawling peg model, wherein currency is devalued at a fixed rate relative to the dollar. For example, the Nicaraguan córdoba is devalued by 5% per annum. Belarus, on the other hand, pegged its currency, the Belarusian ruble, to a basket of foreign currencies (U.S. dollar, euro and Russian ruble) in 2009. In 2011 this led to a currency crisis when the government became unable to honor its promise to convert Belarusian rubles to foreign currencies at a fixed exchange rate. BYR exchange rates dropped by two thirds, all import prices rose and living standards fell. In some countries, such as Costa Rica and Honduras, the U.S. dollar is commonly accepted, although not officially regarded as legal tender.