A few key outside factors are chipping away at the US dollar's dominance in global trade.Getty Images The US dollar has been the world's reserve currency for decades, but its dominance is fading. Sanctions against Russia have spurred other countries into considering backup currencies for trade. US monetary policies, the strong USD, and structural shift in the global oil trade also contribute. The dollar has been the world's reserve currency since World War II, but a combination of political and economic reasons is slowly chipping away at its supremacy.Nearly 60% of international reserves are held in dollar-denominated assets, according to the International Monetary Fund.
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htan@insider.com (Huileng Tan), Business Insider
Sun, 07/23/2023 - 5:46pm
Topics: getty images the us sanctions world war ii international monetary fund western-led ukraine bangladesh wilson center valéry giscard france reserve bank india is indian prime minister narendra modi argentinian reuters june brazilian president luiz inácio lula silva china south africa gulf middle east donald trump president joe biden prince mohammed salman jamal khashoggi sarah miller energy intelligence november business insider us us russia usd washington brazil argentina india chinese india indian allianz arabia saudi dollar reasons countries around the world currency trade oil currencies global greenback dominance expensive role reserves policies emerging economic privilege economists political chipping making wrote widely backup assets structural spurred strong reported outsized economy issuer key move years yuan alternative payments paying firm imports revolution shale-oil arrangement
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