China and Europe have been promoting their currencies as substitutes for the dollar in the face of expanding U.S. sanctions and protectionist trade policies.
"Let me be clear: we are not weaponizing the U.S. dollar," U.S. Treasury Secretary Steven Mnuchin told CNBC at the Doha Forum in Qatar on Saturday.
The dollar's proportion of global foreign reserves decreased from a high of 73% in 2001 to 62% at the end of 2018, according to IMF data. "Let me be clear: we are not weaponizing the U.S. dollar," Mnuchin told CNBC's Hadley Gamble at the Doha Forum in Qatar. "If anything I would say the opposite; I take great responsibility that people use the dollar as the reserve currency of the world, and the dollar is quite strong — sometimes the president says the dollar is too strong.
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