An end to the loveless marriage with the US dollar?

Covid-19 represents an unexpected shock that could cause further US dollar decoupling


The US dollar is overwhelmingly the dominant currency in the world because of a confluence of circumstances during the past century that have reinforcing network effects. There are four key strands.

Firstly, almost all commodities are priced in dollars. This numeraire effect is well entrenched and unlikely to change while resource extraction companies have balance sheets denominated in dollars and often have stock market listings in the US.

Secondly, more than 80% of all foreign exchange

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account