The Rise of De-Dollarization: Alternatives to USD
TL;DR Summary
Amid the de-dollarization debate, countries are lining up backup reserve currencies for trade and payments. The Chinese yuan, gold, Bitcoin, the euro, and a common BRICS currency aim to chip away at USD supremacy. The dollar's share in global foreign exchange reserves fell to under 60% in the fourth quarter of 2021, according to the International Monetary Fund. However, the dollar is still the world's most dominant reserve currency, accounting for 54% of global foreign exchange reserves in the fourth quarter of 2022.
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