The International Monetary Fund (IMF) in its recently published report “Dollar Dominance and the Rise of Nontraditional Reserve Currencies” emphasized, that the share of the dollar in foreign currency reserves of central banks of most countries fell to the lowest level over the latest 25 years (59% — as at the end of 2021).

Today it is becoming obvious, that sanctions are ultimately leading to a stronger role of yuan in the global trade, and losses from introduction of sanctions could be much more significant than expected. The IMF report notes, that along with the yuan, there is increasing share of other currencies in reserves: Japanese yen, Australian and Canadian dollars.

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