🧵 1. Dollar's dominance in global currency market is weakening, says S&P Global economist. US sanctions prompt countries to explore non-dollar trades and repatriate gold reserves. #finance
🧵 1. Dollar's dominance in global currency market is weakening, says S&P Global economist. US sanctions prompt countries to explore non-dollar trades and repatriate gold reserves. #finance
🧵 2. According to S&P chief economist, the dollar's influence is waning as more countries bypass it for trade. Examples include increased use of the yuan and financing from China's development banks.
🧵 3. S&P economist predicts the dollar will remain important but no longer be the dominant global currency. Fragmentation seen as countries explore alternatives, signaling a shift away from dollar dependency.
🧵 Read more at: https://www.investing.com/news/stock-market-news/sp-globals-top-economist-sees-dollar-dominance-diminishing-3123600
It also doesn't that USD is used as a weapon by gov'. It's bad enough getting on the wrong end of an economic sanctions regime, but now the gov't can outright steal reserves of USD held by sovereign states. Why hold USD if USG can steal it?