Has The US Dollar Reached Peak Privilege?
With the blocking of Russia's USD reserves and exclusion from SWIFT, the USD has arguably been used as a weapon of mass economic destruction by the American Government.
But in FX markets, every action typically has an equal and opposite reaction.
When it comes to the use of the USD as a means of geopolitical control, the question on investors minds now is whether de-dollarisation will be accelerated by countries who wish to free themselves of these now explicit controls.
And in particular, will the renminbi start to slowly erode the dollar's dominance in world trade.
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