Is de-dollarization occurring? A mutiny is taking place in the global currency market, with a growing number of countries ditching the U.S. dollar in favor of China’s yuan.
In recent years, there has been a lot of talk about de-dollarization, which refers to the shift away from the US dollar as the primary currency used for reserves, transactions, and measuring value. Countries like China, Russia, and others in the BRICS bloc are reportedly leading the effort to reduce the dollar’s dominance.
Some countries try to reduce their reliance on the U.S. dollar due to U.S. sanctions and foreign policy decisions. For example, the ongoing trade war between the U.S. and China and the U.S. sanctions imposed on Russia after its invasion of Ukraine. Meanwhile, other nations seek to diversify their currencies as the U.S. faces significant macroeconomic challenges domestically.
Some cryptocurrency experts believe Bitcoin could weaken the US dollar. The Editor-in-Chief at FXC Intelligence suggests countries may be swapping the dollar for the yuan, marking a big economic shift.
According to IMF data, the U.S. dollar accounted for 59.17% of global foreign exchange reserves in Q3 2023.
The Chinese yuan accounted for only 2.37% of global reserves in the same period. A significant portion of that is held by Russia due to heavy sanctions imposed by the US after its invasion of Ukraine.
Data shows that global allocated foreign exchange reserves in US dollars have fallen by 6% since early 2016. Countries have diversified with a range of currencies, including Canadian and Australian dollars, Japanese yen, and British pound.
Gold is an attractive investment option as its purchasing power remains stable over time, unlike the U.S. dollar, which has lost 98% of its purchasing power since 1971. Investors who want to participate in the lucrative gold market have a couple of options.
One option is to choose from various gold exchange-traded funds (ETFs). Another option is to open a Gold IRA, which is a type of individual retirement account that enables you to invest in physical forms of gold and other precious metals, such as coins, instead of traditional investments like stocks and mutual funds.
Hebrews 13:5 Let your conversation be without covetousness; and be content with such things as ye have: for he hath said, I will never leave thee, nor forsake thee.
1 Timothy 6:10 For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.
Matthew 6:24 No man can serve two masters: for either he will hate the one, and love the other; or else he will hold to the one, and despise the other. Ye cannot serve God and money.
Proverbs 22:7 The rich ruleth over the poor, and the borrower is servant to the lender.
Luke 21:11 And great earthquakes shall be in divers places, and famines, and diseases; and fearful sights and great signs shall there be from heaven.
Luke 21:25 And there shall be signs in the sun, and in the moon, and in the stars; and upon the earth distress of nations, with perplexity; the sea and the waves roaring;
Luke 21:28 And when these things begin to come to pass, then look up, and lift up your heads; for your redemption draweth nigh.
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