The article is from a Chinese publication. Please read with a grain of salt.
In a multipolar world, the US dollar’s fall from prominence looks likely.
- De-dollarisation is gaining momentum as more countries voice concerns about the US currency’s dominance in the global financial system and its use as a tool for exerting influence
In recent years, the world has witnessed fierce US-China rivalry, the Covid-19 pandemic wreaking havoc on global systems and the fallout from the Ukraine war on supply chains, as well as an acceleration towards multipolarity, where power is more evenly distributed among several advanced economies.
The transformation of China, a trusted economic partner to many countries, into a mediator of global importance is just one example of the move away from a unipolar world. This is coupled with de-dollarisation gaining momentum.
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