Dollar dominance could give way to a new regime that includes the euro, yuan, CBDCs, and maybe something 'we have yet to see'
While no immediate threat exists that would end the dollar's dominance in the near future, the greenback's hegemony is increasingly at risk, said Vikram Rai, a senior economist at TD Bank.
"Within the next decade or two, there is great potential for regionally-dominant currencies and a multipolar international regime to emerge, with the roles filled now by the dollar shared with the euro, a more open yuan, future central bank digital currencies, and possibly other options we have yet to see,"As of right now, the dollar continues to reign as the most widely-held reserve currency, Rai said, a trend that has remained unchanged since World War II.
"The challenge to the 'petrodollar' is significant, both economically and symbolically – the convention of Saudi Arabia and other OPEC exporters to price their crude oil export has supported demand for dollars, as every country trades in crude oil markets and therefore must hold them," he said.
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