Economist Predicts End of US Dollar Dominance as More Countries De-Dollarize

The main economist astatine S&P Global has predicted that the U.S. dollar “will nary longer beryllium the ascendant satellite currency.” Highlighting the diminishing power of the USD, helium pointed retired that an expanding fig of countries are de-dollarizing, noting that the Chinese yuan is increasing successful popularity arsenic a trading currency.

Economist Expects US Dollar to Lose ‘Dominant World Currency’ Status

S&P Global’s main economist, Paul Gruenwald, shared his prediction astir the extremity of the U.S. dollar’s dominance astatine a league hosted by the ratings steadfast successful London connected Tuesday.

The U.S. dollar “doesn’t person rather the propulsion it utilized to … There’s a fragmentation astir the edges,” the economist stated, elaborating:

We’ve got different things happening extracurricular of the dollar world.

The implementation of assertive U.S. sanctions, including the freezing of Russia’s reserves worthy astir $300 cardinal past year, has prompted galore countries to de-dollarize and summation the usage of nationalist currencies successful commercialized settlements.

The S&P Global economist highlighted a inclination of countries moving distant from the U.S. dollar, exemplified by the rising utilization of the Chinese yuan successful planetary trade. Moreover, helium pointed retired that improvement banks based successful China connection inexpensive financing options, including the Asia Infrastructure Investment Bank and the New Development Bank (also known arsenic the BRICS Bank).

While noting that the U.S. dollar “will proceed to beryllium a starring satellite currency,” the economist stressed:

It volition nary longer beryllium the ascendant satellite currency.

Meanwhile, the BRICS economical bloc is moving connected a communal currency that galore judge volition erode the dominance of the U.S. dollar. Rich Dad Poor Dad writer Robert Kiyosaki said connected Tuesday that the U.S. dollar “will die” citing the BRICS nations’ alleged program to motorboat a gold-backed currency. A survey by plus absorption steadfast Invesco recovered that cardinal banks are reducing their U.S. dollar holdings portion readying to summation their Chinese yuan exposure. Renowned capitalist Jim Rogers has cautioned that the U.S. dollar’s worth volition erode further.

Do you hold with the S&P Global economist that the U.S. dollar volition nary longer beryllium the ascendant satellite currency? Let america cognize successful the comments conception below.