Expert: E-Yuan to Expedite China’s Attempt to Topple US Dollar as World’s Dominant Reserve Currency | WHAT REALLY HAPPENED

Expert: E-Yuan to Expedite China’s Attempt to Topple US Dollar as World’s Dominant Reserve Currency

The Chinese government has stepped up efforts to challenge the dominance of the US dollar as a global reserve currency since 2016 when the International Monetary Fund added the yuan/renminbi to its Special Drawing Rights basket.

Despite still being a dominant currency across the globe, the share of the US dollar held worldwide by the government, central banks, and other financial institutions as foreign exchange reserves has reached its lowest level in the last 25 years – 59 percent – during the fourth quarter of the financial year 2020.

The IMF’s Currency Composition of Official Foreign Exchange Reserve (COFER) survey has found that the US dollar has declined mostly due to increasing competition from other currencies used by central banks for international transactions.

Webmaster's Commentary: 

Nobody has to topple the dollar. The dollar, created from thin air and then loaned out at interest, is self-destructing!

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