The always imminent demise of the global dollar

Looming dollar

Geopolitical rivals to the US have long bemoaned their dependence on the US dollar. France’s then-finance minister Valéry Giscard-d’Estaing decried it in 1965. People’s Bank of China (PBoC) governor Zhou Xiaochuan made a high-profile speech in 2009 – that is, nearly 14 years ago – similarly pointing to the drawbacks of the dollar-based global monetary and financial system. Russia began shifting the currency composition of its foreign assets away from dollars in 2013 – before its president

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