There are two key short-term reasons why de-dollarisation has picked up pace.
SINCE the start of 2023, many"de-dollarisation" events have taken place.
Its share of foreign trade in the global total has also fallen to less than 10 percent from 32 percent during the same period.Unlike the early days following World War II, when the US dollar and the British pound sterling were the only global currencies, there are more currencies competing for bigger roles on the global stage currently, from the euro to other nontraditional reserve currencies that have a certain place of their own, thereby weakening the dollar's position to a certain extent.
Three, although the dollar's status as a reserve currency has declined in the past several years, it is still way ahead of the second-placed currency. According to the latest data, the US dollar currently still accounts for 88 percent of global foreign exchange transactions and has shown an upward trend in the past two years, with the size of offshore dollars increasing from $7.8 trillion to $8.3 trillion during the period.
On the other hand, under such a system, US monetary policy has a huge spillover, severely impacting the economic and financial stability of the rest of the world due to the functioning of the global financial cycle.
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