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Bloomberg/Susanne Barton and Daniela Sirtori-Cortina/3-31-2021
“The slide came in a quarter when a gauge of the greenback fell the most since 2010, and amid questions about how long the dollar can maintain its status as the pre-eminent reserve currency. The Chinese renminbi is transforming into a force to be reckoned with in currency markets, with more yuan changing hands than ever before in London, the world’s leading foreign-exchange center.”
USAGOLD note: This Bloomberg article is a timely follow-up to the Kenneth Rogoff analysis referenced on Friday in which he cited the U.S. dollar’s “fragile hegemony” and warned of the potential for “a significant shift in the international monetary order.” A chart posted with this article shows that the dollar’s share of global reserves was 85% in the early 1970s. It is 59% now.
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