Dollar Dominance Diminishing Says S&P Global’s Top Economist

The Dollar’s Dominance Wanes as Countries Seek Alternatives

S&P Global’s chief economist, Paul Gruenwald, stated that the grip of the US dollar as the dominant global currency is weakening.

Aggressive US sanctions, like the freezing of Russia’s reserves, have prompted countries to explore non-dollar trade and repatriate gold reserves.

Gruenwald highlighted the growing trend of circumventing the dollar, citing increased trade in China’s yuan and the availability of cheap financing from China-based development banks.

While the US dollar will remain a significant global currency, it is no longer expected to maintain its dominant position.