Today the 21st Century Business Herald published a highly partisan editorial outlining the economic challenges facing the United States and why it believes the Covid-19 Crisis could be the start of the decline of the dollar as the world’s reserve currency or de-dollarization.
For many years China has been uncomfortable as it saw its own increasing role in trade, yet during that same period, the dollar became an even more dominant reserve currency. Despite the country’s Belt and Road initiative pumping vast sums of money into other economies, its share of Belt and Road trade denominated in renminbi is just 14%.
As we highlighted in another story, since the 2008 crisis, the amount of U.S. dollar-denominated non bank debt has almost doubled, while other leading currencies have stagnated their proportion or declined.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
