this post was submitted on 16 Jun 2023

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U.S. dollar’s share of global foreign exchange reserves has fallen from 73% to 58% over the last two decades. Taking into account, the currency exchange rates, dollar’s actual share is 47%. (archive.ph)

submitted 2 years ago by yogthos@lemmy.ml to c/worldnews@lemmy.ml

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[–] Rumblestiltskin@lemmy.ca 0 points 2 years ago (1 children)

There will be many Americans who claim it is still 58% so it is still the reserve currency but the main point is the rate of change. And it is pretty quick.

[–] yogthos@lemmy.ml -1 points 2 years ago

Exactly, it's the overall trajectory that matters here. The other factor is that it's a self reinforcing process, the more countries move off dollar to do trade the easier to becomes for other countries to do so.