Chinese President Xi Jinping’s ambition to turn the yuan into a global reserve currency, potentially displacing the dollar from its hegemonic position in the international monetary system, has been a hot topic of discussion in recent years. As The Liberal Globe, we have reported on the questioning of the dollar system both because of its …
Tag: reserve currency
Central banks are geometrically increasing their purchases of gold and are abandoning the dollar
Record gold purchases by central banks signal a major shift in the monetary order – a shift in foreign exchange reserves and significant cracks in the dominance of the US dollar. Last week, the price of gold soared to another record high. While much of the buying has come from investors seeking safety in safe-haven …
How is one global reserve currency replaced by another?
Over the past century, monetary systems have changed about every 30-40 years on average, according to the evidence of monetary history. Today, the existing monetary system is over 50 years old, so its transformation is long overdue. There are persistent attempts by different states to dethrone the US dollar as the world’s leading reserve currency …
US vs. China: Bitcoin will become the new global reserve currency
In an era characterized by global economic instability and high political uncertainty, the idea of a new world order in the financial sector is gaining more and more ground. Now, there are questions about how this new world order will take shape. The dollar has long held this position, but its reign is increasingly being …