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The world's dollar addiction is hard to kick
By Jon Sindreu
The Wall Street Journal
Wednesday, October 4, 2023
Many central banks and governments want to kick their dollar addiction. They aren't getting very far -- except when forced.
The percentage of official foreign-exchange reserves allocated to U.S. dollars globally was 58.9% in the second quarter of the year, figures published a few days ago by the International Monetary Fund show, broadly unchanged from the 25-year-low first reached in the fourth quarter of 2020.
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Though the dollar serves as the bedrock of international financial markets, the backlash against globalization in recent years has prompted much talk of "de-dollarization." Since Russia's invasion of Ukraine, which dealt another blow to the established order, dollar reserves have fallen 2.9%, despite a jump in the currency's value.
At constant exchange rates, the drop would have been 6.6%.
In July only about 30% of Russia’s export transactions were in dollars and euros, compared with roughly 85% at the start of 2022, a report by the Bank of Russia suggests, thanks to a jump in ruble settlements and the introduction of the Chinese yuan. The country's sovereign-wealth fund is also saving in yuan, as are some households. ...
... For the remainder of the report:
https://www.wsj.com/finance/currencies/the-worlds-dollar-addiction-is-hard-to-kick-f52a836
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