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BOE’s Carney sees the U.S. dollar eventually losing its reserve-currency status

Bank of England Gov. points to Chinese yuan as alternative

The U.S. dollar remains the world’s reserve currency—for now. However, a number of central banks lately are contemplating a world in which the almighty buck isn’t the pre-eminent global medium of exchange.

On Wednesday, Bank of England Gov. Mark Carney underlined that view, saying “ultimately we will have reserve currencies other than the U.S. dollar.”

His comments emerged during a Q&A session, where the Canada-born U.K. central banker said “the evolution of the global financial system is currently lagging behind that of the global economy,” explaining that “for example, emerging-market economies’ share of global activity is now 60%, but their share of global financial assets lags behind at around one-third.”

Read: Why it may be time to shine for emerging-market currencies in 2019

Half of international trade was meanwhile invoiced in U.S. dollars, even though the U.S. share of international trade was only some 10%, Carney added.

The central banker said the Chinese yuan USDCNY-0.1% USDCNH-0.05% could be an alternative. However, he cautioned that such transitions wouldn’t happen overnight.

See: Could China’s yuan replace the dollar as a reserve currency?

“The U.S. economy overtook Britain’s in the second half of the 19th century, but it took until the 1902s before it became a dominant currency in international trade,” Carney added.

Also read: Dollar unlikely to lose top reserve currency status soon

Elsewhere, Russian news service RT on Thursday reported that Moscow shifted $100 billion of its reserves into Chinese yuan, Japanese yen and euros to diversify away from the U.S. dollar. This follows comments by Russian President Vladimir Putin in late November when he said that it wasn’t Russia that wanted to move away from the dollar, but that the dollar was moving away from Russia, in relation to U.S.-imposed sanctions.

Check out: The euro is 20 years old — here’s a look back at its tumultuous history

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