Importance Some countries has been integrated for the recent decade. They embark on this process to reduce their dependence inter alia on leading global currencies and expand the use of their national currencies in internal regional markets as part of trade agreements. This also happens during financial crises, since countries suffer from a lack of the U.S. dollars. Objectives The research analyzes global practices of choosing the currency to conclude trade agreements, and overview contemporary trends in currency internationalization. Methods The first part analyzes researches into a choice of currency for invoicing purposes in international trade. The second part describes principal trends in this areas, prospects of using some currencies in transactions. Results I identified key factors for choosing the currency for trading, and impeding the use of national currency for international deals. The article reviews contemporary trends in this area. Conclusions and Relevance The following factors help choose the currency for trade, i.e. interchangeability of goods, company and the transaction value, market power, State and its size, inertia, exchange rate volatility, liquidity. The factors below impede the use of national currencies for international deals, i.e. existing pegs or quasipegs of the currency rate, exchange rate restrictions at the national level, currency control. Those circumstances ensure the leading position of the U.S. dollar for international trade purposes.
Keywords: currency internationalization, exchange rate, capital flow, trade agreement, payment
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