Global Macro Service > Research Briefings > Global
Speculation that the dollar could lose its status as the world’s main reserve currency “sooner rather than later” looks, in our view, wide of the mark. Across a range of international uses, the dollar accounts for 40-60% of transactions – a share that has been stable or even increasing in recent years. Potential rivals are far behind, especially the Chinese renminbi, which accounts for just 1-2% of transactions. As a result, the dollar’s pre-eminence looks unlikely to be seriously threatened for many years to come. The US’s gains from the dollar’s global role may also be more modest than often thought.
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