De-dollarization will be a vicious cycle as hyperinflation leads to higher rates that will further erode the greenback's power, think tank says
have been disputed. Nations like China, Russia, and Saudi Arabia have also started to shift away from use of the dollar in global trade, which could further weaken the dollar's dominance.
Meanwhile, the US Dollar Index, which weighs the greenback against a basket of other currencies, has declined 4% over the last year, signaling the dollar's decline in purchasing power. Interest rates in the economy are also at their highest level since 2001 as the Fed continues to monitor high inflation.
"The trend of de-dollarisation is occurring — but it is not something unique," Roach said, pointing to previous dominant currencies that were later replaced, like the British sterling."There will inevitably be a shift in the world order, and it may well be the BRICS' time.", making the case that the phenomenon more based in fear than reality.
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