President.az, CC BY 4.0, via Wikimedia Commons The annual summit of the China-led Shanghai Cooperation Organization (SCO) is taking place this week. As with every meeting of the SCO or BRICS, leaders repeat calls to “ditch the dollar.” Yet these discussions never go beyond rhetoric because there is no viable alternative to the US dollar as a reserve or trade currency. The SCO has ten members: Belarus, China, India, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Russia, Tajikistan, and Uzbekistan. None of their currencies are hard or fully convertible. Even the yuan and rupee, often called partially convertible, remain tightly managed and restricted. Exchange rates to the dollar illustrate the weakness: the Belarusian ruble trades at 3.37 per USD, the yuan at 7.13, the rupee at 87.95, the…
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