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Usurping dollar's dominance is nearly impossible, analysts say
Ruth Carson, Libby Cherry, and Tania Chen
Bloomberg News
via Yahoo Finance, Sunnyvale, California
Monday, March 21, 2022
Dethroning the dollar is easier said than done.
That's the conclusion of investors after Washington's freeze of Russia’s dollar holdings created fresh impetus among central bankers to rethink the security of access to foreign-exchange reserves. The move fueled speculation that countries such as China could redouble efforts to unshackle itself from greenback-denominated financial systems and look for alternatives.
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While Goldman Sachs Group Inc. and Credit Suisse Group AG have flagged threats to the dollar's supremacy, finding a valid replacement is going to be extremely challenging, according to funds from Brandywine Global Investment Management to JPMorgan Asset Management.
The size and strength of the world's largest economy are unparalleled, Treasuries are still one of the safest ways to store money, and the dollar remains a pre-eminent beneficiary of haven flows.
There are simply "no other options at this stage in the game" for currency alternatives to the greenback, said Mark Mobius, a four-decade markets veteran and founder of Mobius Capital Partners. "The dollar is still strong and will probably get stronger if tensions continue to escalate." ...
... For the remainder of the report:
https://finance.yahoo.com/news/usurping-dollar-dominance-impossible-task-215507488.html
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