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Rivalry with China, fallout from Russia's war in Ukraine and wrangling once again in Washington over the U.S. debt ceiling have put the dollar's status as the world's dominant currency under fresh scrutiny.
After Russia, nations are questioning "what if you fall on the wrong side of sanctions?" said BNY Mellon strategist Geoffrey Yu. The yuan's share of global over-the-counter forex transactions rose from almost nothing 15 years ago to 7%, according to the Bank for International Settlements (BIS).
Russia's sanctions-imposed exile from global financial systems last year also fuelled speculation that non-U.S. allies would diversify away from dollars
LONDON: Rivalry with China, fallout from Russia’s war in Ukraine and wrangling once again in Washington over the US...
Gold prices have already increased by 5% from the £1,580 triple-top in British Pounds ($1,956), kicking off May with new all-time highs in numerous currencies