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By Yuefen Li, Economist and Special Advisor on South-South Cooperation and Development Finance, South Centre, Geneva
This article was originally published in the Autumn/November 2023 edition of International Banker
The centrality of the US dollar in international monetary and economic systems since World War II has been overwhelming. It is a reserve currency, medium of exchange and unit of account. Some countries and regions have historically attempted to reduce their reliance on the dollar, dubbed de-dollarization. But none of these attempts were broad-based. Unhappiness with the dollar’s dominance and the power it grants Washington has been obvious, but none of the de-dollarization efforts to date have achieved meaningful outcomes. Therefore, the dominance and supremacy of the US dollar still comprise the current global narrative.
However, this time it is…
