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FICC Focus
US Politics Could Soon Revive De-Dollarization Talk: FX Moment
Sep 3, 2024
Audrey Childe-Freeman, chief G-10 FX strategist at Bloomberg Intelligence, and Stephen Chiu, chief Asia FX and rates strategist, dive into the complexities of de-dollarization amid looming U.S. elections. They explore how geopolitical shifts, particularly China's push for the yuan, impact global currency dynamics. The duo also discusses central banks' increasing gold purchases in response to inflation and doubts about the dollar's future credibility, highlighting the ongoing tension between the U.S. and China.
16:34
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Quick takeaways
- Despite geopolitical challenges, the U.S. dollar continues to dominate as the global reserve currency, holding 58% of global reserves.
- The upcoming U.S. presidential elections could reshape currency dynamics and influence the trends of de-dollarization and yuan internationalization.
Deep dives
The Dollar's Continued Dominance
Despite ongoing geopolitical tensions and discussions around de-dollarization, the U.S. dollar remains the leading global reserve currency. Statistics show that 58% of global reserves are held in dollars, and it accounts for 44% of foreign exchange daily turnover. International debts and loans predominantly use the dollar, indicating its sustained dominance in global trade. The geographical realities of trade, with 75% of transactions occurring within or between advanced economies, further support the dollar's strong position in the international monetary system, with no immediate threats to its supremacy.
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