🇺🇸💸 IMF: The dollar's importance as the world's reserve currency is declining

The share of the US dollar in global central bank reserves continues to decline, falling to 59.2% in the third quarter of 2023, according to the latest data from the International Monetary Fund (IMF). The decline comes amid a trend of dedollarization gaining momentum around the world. 20 years ago, the share of the dollar in the world's reserves amounted to 70%.

🇷🇺🇨🇳 Against this background, the use of yuan in international settlements is growing. The trend to abandon the dollar in international settlements was forced by the beginning of Russia's SWO in Ukraine in 2022, subsequent sanctions and Russia's isolation from the Western financial system. The seizure of Russian dollar accounts demonstrated the unreliability of the U.S. currency.