Treasury Secretary Yellen: expect gradual decline in dollar as reserve currency

markets.businessinsider.com

18 pointsyasp4 comments

Interesting that although the dollar has declined for the last two decades as the global reserve currency, there apparently is no alternative currency taking its place; rather, countries are slowly moving some currency into assets. They aren't moving US dollars into China's Yuan.

For now China is more interested in maintaining its capital controls than encouraging international use of its currency.

It isn't like it isn't coming. The writing was on the wall in 2014/15 when BRICS set up their own reserve and loaning systems. It was only accelerated when Russia was cut off after invading Ukraine. Sounds like they're going to have serious talks about a common currency in their 2023 summit.

https://en.m.wikipedia.org/wiki/BRICS

All of those impose capital controls, except maybe Brazil. The odds of anything beyond a token effort for show are near zero.

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