Reported 11 months ago
A new study by the Atlantic Council's GeoEconomics Center shows that despite efforts by the euro and BRICS countries, the US dollar continues to be the world's primary reserve currency and maintains its dominance in global reserve holdings, trade invoicing, and currency transactions. The report highlights that Western sanctions on Russia have spurred BRICS countries to develop a currency union, but progress on de-dollarization has been limited. China's efforts with the CIPS system have expanded, but challenges remain in scaling these agreements for a currency exchange platform. The report also notes a decline in the usage of the euro as an alternative currency, with concerns over geopolitical risks impacting its international role.
Source: YAHOO