Signs of de-dollarisation are unfolding in the global economy, strategists at the biggest U.S. bank JPMorgan said on Monday, although the currency should maintain its long-held dominance for the foreseeable future.
The impact of steep U.S. interest rate rises and the use of sanctions that have frozen the likes of Russia out of the global banking system are driving the so-called BRICs nations - Brazil, Russia, India, China and South Africa - toJPMorgan's strategists Meera Chandan and Octavia Popescu at the Wall Street bank laid out that while overall dollar usage remains within its historical range, its usage was more "bifurcated under the hood".
"De-dollarisation is evident in FX reserves where share has declined to a record as share in exports declined, but is still emerging in commodities," the strategists said. In global central bank FX reserves too, the dollar's share is down to a record low of 58%, albeit a level that is still by far the largest globally.
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