U.S. Dollar Losing Status as World’s Reserve Currency

U.S. Dollar Losing Status as World’s Reserve Currency

On Wednesday, Banco BOCOM BBM became the first Latin American bank to sign up as a direct participant in CIPS, a Chinese alternative to the US-dominated global payment system. The two countries also agreed to settle in their own currencies. It’s the kind of thing money-market guru Zoltan Pozsar had in mind when he warned that the dollar’s centrality in the world financial system is slowly being whittled away.  

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