One cent at a time: The decline of the U.S. dollar

 One cent at a time: The decline of the U.S. dollar

Editor’s note: Bobby Naderi is a London-based journalist, guest contributor in print, radio and television, and documentary filmmaker. The article reflects the author’s opinions, and not necessarily the views of CGTN. 

The planet’s former “financial superpower” is edging into decline and the International Monetary Fund (IMF) has just offered another vivid picture as many central banks head toward a multi-polar world in which the decline of the U.S. dollar as a global reserve currency is almost certain. 

According to the IMF, the reach of the U.S. dollar as the global reserve currency is declining as central banks reduce the share of U.S. dollar reserves. The IMF’s new data show that the share of U.S. dollar reserves held by central banks fell to 59 percent – its lowest level in 25 years – during the fourth quarter of 2020. At the same time, the share of other currencies like the Chinese yuan…

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