Recent de-dollarisation efforts and the role of USD

• Main Author: Chan, Elgin
• Other Authors: S. Rajaratnam School of International Studies
• Format: Commentary
• Language: English
• Published: 2023
• Subjects: Social sciences::Political science; Country and Region Studies; International Political Economy
• Online Access: https://hdl.handle.net/10356/168747
• Institution: Nanyang Technological University

Since World War II, the US dollar (USD) has been the most widely used currency for international commerce and as a principal store of value for central banks. Recently, the USD’s hegemonic status in the international monetary system (IMS) has waned to some extent, owing to a confluence of factors. However, the US remains the largest economy in the world with the most developed financial markets and a judicial system that upholds the rule of law, making the USD indispensable in the IMS for the foreseeable future.