Fact Check: Paula Comings, the head of currency sales for US Bancorp, stated that many foreign exporters no longer want to be paid in US dollars, preferring currencies such as euros, Chinese renminbi, Mexican pesos, and Canadian dollars.

Fact Check: "Paula Comings, the head of currency sales for US Bancorp, stated that many foreign exporters no longer want to be paid in US dollars, preferring currencies such as euros, Chinese renminbi, Mexican pesos, and Canadian dollars."

What We Know

Paula Comings, the head of currency sales for US Bancorp, has indeed indicated that many foreign exporters are shifting away from the US dollar in favor of other currencies. According to a report by Bloomberg, Comings noted that she frequently hears from US importers that their foreign counterparts prefer payments in currencies such as the euro, Chinese renminbi, Mexican peso, and Canadian dollar. This trend is attributed to a desire to limit exposure to the dollar's volatility, which has seen a decline of about 8% against a basket of other currencies in the current year (Economic Times, IndexBox).

Analysis

The claim that Paula Comings made statements regarding the preferences of foreign exporters is supported by multiple credible sources. The Economic Times and Bloomberg both report her observations about the changing landscape of currency preferences among exporters. This shift is not merely anecdotal; it reflects broader economic trends where businesses are increasingly seeking to mitigate risks associated with the dollar's fluctuations.

The sources reporting on this issue are reputable financial news outlets, which enhances their credibility. Bloomberg is known for its in-depth financial reporting, while the Economic Times is a respected publication in the business sector. The IndexBox article corroborates these claims, further emphasizing the trend among US importers to transition to other currencies.

While the claim is well-supported, it is essential to recognize that such shifts in currency preference can be influenced by various factors, including economic conditions, trade agreements, and geopolitical considerations. However, the evidence presented indicates a clear trend that aligns with Comings' statements.

Conclusion

Verdict: True
The claim that Paula Comings stated many foreign exporters prefer to be paid in currencies other than the US dollar, including euros, Chinese renminbi, Mexican pesos, and Canadian dollars, is accurate. This assertion is backed by credible reports from multiple sources, confirming the shift in currency preferences among exporters.

Sources

1. Paula – Wikipedia
2. Many Exporters No Longer Want Dollars, US Bank Executive Says
3. Many exporters no longer want dollars, US bank executive says
4. US Importers Shift Away from Dollar to Other Currencies - News and ...
5. Haku sanakirjasta: paula - Ratkojat
6. 3 currency hedging lessons learned - CFO Dive
7. Dollar Loses Ground as Exporters Prefer Euros, Renminbi
8. Näin Paula Koivuniemi voi nykyään - Ilta-Sanomat