USD is suffering 'stunning collapse' as world's reserve currency, warns Eurizon SLJ Capital's Jen dollar USD forex
Markets need to pay closer attention to the de-dollarization trend since the greenback is losing its power as a reserve currency faster than many analysts are noticing, according to Stephen Jen, CEO and co-CIO of Eurizon SLJ Capital.
According to Jen's calculations, the greenback's share of official global reserve currencies dropped from 73% in 2001 to about 55% in 2021. And in 2022, it tumbled to 47% of total global reserves. The note added that analysts are failing to notice these changes because the nominal value of the world's central banks' dollar holdings is usually used in calculations and changes in the price of the dollar go unaccounted for.
King dollar's position as the world's reserve currency hangs on how quickly and successfully other financial markets develop. More and more countries, led by China and Russia, are making bilateral trade agreements that exclude the U.S. dollar. The yuan is already the most traded currency in Russia, according to data compiled by Bloomberg. This happened only in February after the yuan surpassed the dollar in monthly trading volume for the first time.
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