{"id":2814,"date":"2023-05-26T06:54:15","date_gmt":"2023-05-26T04:54:15","guid":{"rendered":"https:\/\/www.dhcab.com\/?p=2814"},"modified":"2023-05-26T06:54:15","modified_gmt":"2023-05-26T04:54:15","slug":"the-end-of-king-dollar-is-near","status":"publish","type":"post","link":"https:\/\/www.dhcab.com\/?p=2814","title":{"rendered":"The end of King Dollar is near?"},"content":{"rendered":"<div class=\"postie-post\">\n<div>\n<div dir=\"auto\">Sanctions against Russia, rivalry with China and another dispute in Washington over the US debt ceiling have put the dollar&#8217;s status as the world&#8217;s dominant currency into question, fueling speculation the world will begin to more actively diversify away from dollars, Reuters reported.<\/p>\n<p>The dollar share of official FX reserves fell to a 20-year low of 58% in Q4 2022, according to the International Monetary Fund.<\/p>\n<p>Analysts believe this was a reaction to the freezing of half of Russia&#8217;s $640 billion in gold and FX reserves, prompting a rethink in countries such as China, India, Saudi Arabia, and T\u00fcrkiye about diversifying to other currencies.<\/p>\n<p>Furthermore, trade is also shifting. India buys Russian oil in UAE dirhams and rubles. China switched to the yuan to purchase about $88 billion worth of Russian oil, coal and metals. China&#8217;s national oil company CNOOC and France&#8217;s TotalEnergies also completed their first yuan-settled LNG trade in March.<\/p>\n<p>The yuan&#8217;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).<\/p>\n<p>After Russia, nations are questioning &#8220;what if you fall on the wrong side of sanctions?&#8221; analysts say.<\/p>\n<p>That said, complete de-dollarization is unlikely, as the greenback is still a party to nearly 90% of global forex transactions, representing about $6.6 trillion in 2022. <\/p>\n<p>Additionally, about half of all offshore debt is in dollars, with half of all global trade being invoiced in dollars too, according to the BIS.<\/p>\n<p>While there may not be a single dollar successor, mushrooming alternatives could create a multipolar world, the publication concluded.<\/p><\/div>\n<\/div>\n<div class=\"postie-attachments\">\n<div style=\"margin-right:10px;background:black;color:white;padding:2px; width:300px;float:center\"><a href=\"https:\/\/www.dhcab.com\/wp-content\/uploads\/2023\/05\/IMG_20230526_084640_547.jpg\"><img decoding=\"async\" src=\"https:\/\/www.dhcab.com\/wp-content\/uploads\/2023\/05\/IMG_20230526_084640_547-300x181.jpg\" alt=\"\" title=\"\" class=\"attachment\" \/><\/a><\/p>\n<div style=\"padding:.2em;text-align:left\"><\/div>\n<\/div>\n<p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Sanctions against Russia, rivalry with China and another dispute in Washington over the US debt ceiling have put the dollar&#8217;s status as the world&#8217;s dominant currency into question, fueling speculation the world will begin to more actively diversify away from dollars, Reuters reported. The dollar share of official FX reserves fell to a 20-year low [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2815,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-2814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-issues"],"_links":{"self":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts\/2814","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2814"}],"version-history":[{"count":0,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts\/2814\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/media\/2815"}],"wp:attachment":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}