BREAKING: US Dollar in World Reserves Falls Below 60%
Central Banks in Most Developing Countries Are Diversifying Their Allocations to Gold and Other Local Currencies. The US Dollar is Facing Closer Scrutiny Due to $35 Trillion in Debt That Could Devastate Their Local Economies If Markets Crash or Fall into Recession.
The BRICS Countries Are Leading the Way in Cutting Ties to the US Dollar and Strengthening Local Currencies at the Top.
World Reserves in the US Dollar Are Falling as Central Banks Look to End Their Dependence on the Currency.
BRICS: US Dollar Share of Global Reserves to Fall to 59%
According to a report by the Atlantic Council, the US dollar’s share of global reserves is now set to fall to 59% by 2024. The US dollar’s share of reserves peaked at 72% in 2002 and has been falling steadily over the past two decades. Over the past 22 years, the US dollar has fallen 13% in the market as developing countries have been decoupling the currency from their reserves. Not surprisingly, BRICS member China’s domestic currency, the renminbi, has gained 3% over the same period.
In addition, the euro has fallen 19% from 28% in 2008. The euro has fallen 9% in just 16 years. “The euro has now fallen to 19%, from 28% in 2008. The yuan, by the way, has risen to 3%, tripling since 2016,” said Russian Foreign Ministry spokeswoman Maria Zakharova.
