Is US dollar's reign as world’s reserve currency is under threat?13 min read . Updated: 31 Jul 2020, 11:49 AM IST
- A guide to the pros and cons of the euro, gold, crypto, and the other potential replacements for the dollar
- The Fed has added almost $3 trillion to its balance sheet since February.
The dollar’s rise to become the dominant currency started after World War I, but it was only definitively confirmed by the Bretton Woods accord reached in 1944. President Trump has accelerated America’s turn away from some of the post-World War II global architecture that reinforced the U.S. currency’s place at the heart of international systems. His tendency to pursue a unilateral approach could reduce the dollar’s appeal. When previous leaders moved to weaken the dollar, they did so as part of a consensus shift aimed at redressing global imbalances—most notably with the 1985 Plaza Accord.
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