De-dollarization is about more than currencies: As dollar system declines, what comes next?
Geopolitical Economy Report
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The Decline in the Share of Dollars in Global Reserves
In the 1990s, these reserves went up. And then what we see is that basically in the new century, there has been essentially a decline in the share of dollars as the reserve currency. This chart generally takes the reserves at the nominal value. But if you factor in the fact that the dollar has also been losing its value over the same period, then in fact, you see much more drastic falls in the amount of US Treasuries held by global central banks. The idea that the US is the ultimate safe asset is taking a drumming.
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