Im not mad at the Indians and others cutting out the swap penalties. But it’s the market strength of the US dollar that the beef is with. The reason why reserves are kept is because reserves US dollars gives you access to the US market. The Chinese and Indians and Russians do not understand that the strength of the dollar is not a mythology, the strength is in the quality and quantity of goods and services you can buy with the US dollar.
Russians are the first to find out they can’t buy shit using dollars under sanctions, China are not that far behind. Dollar strength is a commonly accepted myth, could be euro or any means of exchange.