$659,191,000,000 Bank Says Foreign Exporters No Longer Want To Be Paid in Dollars, Preferring Euros, Chinese Renminbi, Canadian Dollar and Mexican Peso: Report

Foreign exporters are reportedly less interested in being paid in US dollars due to the currency’s recent volatility, according to US Bank.

Paula Comings, head of FX sales at US Bank, says in a new interview with Bloomberg that American importers have been reporting to her that their foreign export partners want to be paid in the euro, Chinese renminbi, the Mexican peso and the Canadian dollar.

Comings notes that exporters want to limit their exposure to the dollar’s price movement.

“A lot of clients previously were reluctant because dollars were sacred in the eyes of the supplier. Now the vibe from overseas vendors seems to be, ‘Just give us our currency.’”

For example, one US Bank client, a lumber company from the Midwest, now uses euros to purchase hardwood imports from Europe, while a second, a homeware retailer, now plans to pay for imports from China with yuan. Both firms previously used dollars to pay exporters.

The US Dollar Index (DXY) is trading at 98.92 at time of writing. The index is up 5% in the past five days but down nearly 9% year to date.

US Bank has $659.191 billion in total assets as of March 31st, 2025, per statistics from the Federal Reserve.

 

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