The U.S. dollar conquered the world. Is it at risk of losing its top spot? – Gist It

The U.S. dollar conquered the world. Is it at risk of losing its top spot?

The U.S. dollar, currently the world’s reserve currency, faces potential challenges to maintain its top position.

Historical context: The dollar became the global reserve currency after the Bretton Woods International Monetary Conference in 1944.
* At the conference, it replaced the British Pound Sterling, which had been the international currency for decades.

Reasons for concern: China, Russia, Saudi Arabia, the United Arab Emirates, and Brazil recently began making trades in Chinese Yuan and Russian ruble.
* This poses a direct challenge to the U.S. dollar’s central position.
* China’s push to replace the dollar gains momentum from perceived risks and instability caused by the recent U.S. debt ceiling drama.

Economist insights: Benn Steil, an economist with the Council on Foreign Relations, points to the U.S. government’s use of the dollar as a tool for financial sanctions as a reason for these non-dollar trades.

Outlook: Economist Michael Boskin says the dollar is not at immediate risk, but momentum can change quickly, and countries should be cautious.

View original article on NPR

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June 12, 2023

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