A "de-dollarization" mania is gripping Washington and Wall Street.
Wall Street analysts, corporations, policy wonks and others are trying to ascertain whether there is any real threat to the U.S. dollar’s standing as the dominant global currency, along with how changes in the international monetary system might impact markets and the U.S. economy.Wall Street analysts, corporations, policy wonks and others are trying to ascertain whether there is any real threat to the U.S.
Data show that the U.S. dollar’s share of foreign currency reserves at central banks around the world has been declining slowly since the late 1990s. According to the latest data from the International Monetary Fund, the dollar’s share of central bank reserves stands at 58.4%, down from roughly 70% in the late 1990s.
According to calculations from Jen and Freire, the dollar’s share of global reserves has declined by 11% since 2016 on this adjusted basis. Nordvig and others said that the IMF’s unadjusted data on central-bank reserves more accurately reflects the pace of the dollar’s decline as a share of reserve assets, seen as a critical barometer of a currency’s international standing.
“The dollar’s use as an international currency benefits American households and businesses primarily through two channels — by lowering interest rates for American borrowers, and by reducing the cost of imported goods and services,” Fried said in comments emailed to MarketWatch.
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