The dollar loses its status as an international currency
The influence of the US dollar will weaken once morest the background of the loss of confidence of the countries of the world in the American currency. RBC writes regarding this with reference to experts from the Faculty of World Economy and World Politics of the National Research University Higher School of Economics.
“In the medium term, the role of the US dollar in the global financial system will decline due to the acceleration of de-dollarization processes in the countries of the world, the decline in global foreign exchange reserves, and the expansion of the use of digital national currencies,” RBC cites the point of view of economists. The freezing of the reserves of the Bank of Russia “created a significant precedent for the loss of confidence of the countries of the world (especially developing countries) in the US dollar,” they add.
According to economists, the loss of the dominant position of the dollar is possible, but the solution of this issue will take many years. The only contender to replace the dollar is the yuan. But for the Chinese currency to be recognized as dominant, it will take a decision by China to make its currency more transparent.
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The influence of the US dollar will weaken once morest the background of the loss of confidence of the countries of the world in the American currency. RBC writes regarding this with reference to experts from the Faculty of World Economy and World Politics of the National Research University Higher School of Economics. “In the medium term, the role of the US dollar in the global financial system will decline due to the acceleration of de-dollarization processes in the countries of the world, the decline in global foreign exchange reserves, and the expansion of the use of digital national currencies,” RBC cites the point of view of economists. The freezing of the reserves of the Bank of Russia “created a significant precedent for the loss of confidence of the countries of the world (especially developing countries) in the US dollar,” they add. According to economists, the loss of the dominant position of the dollar is possible, but the solution of this issue will take many years. The only contender to replace the dollar is the yuan. But for the Chinese currency to be recognized as dominant, it will take a decision by China to make its currency more transparent.
