The global economy is showing signs of de-dollarisation, according to Mira Chandan and Octavia Popescu, strategists at JPMorgan, the largest US bank. This is reported by Reuters.
The impact of a sharp rise in US interest rates and anti-Russian sanctions pushing Moscow out of the global banking system are forcing the BRICS countries to challenge dollar hegemony, Reuters writes. Experts at JPMorgan said a de-dollarisation in foreign exchange reserves was evident. The US bank published a report on Monday estimating that the US share of global exports has now fallen to a record low of 9 per cent, while China was at a record high of 13 per cent.
“The dollar’s share of global central bank foreign exchange reserves has also fallen to a record low of 58%,” experts said.
Recall that former congressman Ron Paul earlier claimed that Russian Federation, together with BRICS, had dealt a crushing blow to the global hegemony of the US currency.
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