Emerging market currencies hit their highest level in nearly four months on Nov. 29 and stocks gained as dovish remarks from the U.S. Federal Reserve Chairman Jerome Powell put the dollar on the back foot.
Turkey, Russia and Iran have agreed to use their local currencies for trade between the three countries, according to Central Bank of Iran Governor Abdolnaser Hemati on Sept. 7.
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Emerging currencies, including the Turkish Lira, and global stock markets were down on June 19 as the tit-for-tat trade war between the United States and China escalated.
New players who were on the sidelines of the Cold War's bipolar global order have now rejoined the fray. Despite the global financial crisis, the "Middle Kingdom" has conquered a place on almost all of the world's playing fields. Beijing has positioned itself to challenge the dollar as the global reserve currency and extend its position of power throughout the world.
Turkey's Central Bank sharply raised its key lending rate after markets closed on May 23 in a bid to stem an outflow of capital from the country, control inflation and support the beleaguered currency.