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JPMorgan listed signs of emerging de-dollarization, citing the fastest tightening of the Fed's monetary policy as the reason why BRICS countries (Brazil, Russia, India, China, and South Africa) are slowly moving away from dollar.
Strategists Mira Chandan and Octavia Popescu highlighted the dipping exchange rate of dollar, which was due to the decline in exports. According to the data, the tradable share of dollar is at 88%, while euro and the Chinese yuan are at 31% and 7%, respectively. JPMorgan estimates that the US share in exports will hit a record low of 9%, while China's share will reach a record high of 13%. Dollar's share in the global currency reserves of central banks also hit a very low level of 58%, while gold sprang up to 15%.
Although JPMorgan notes that the internationalization of the yuan is limited as CNY accounts for only 2.3% of SWIFT payments compared to 43% of dollar's and 32% of euro's, the topic of de-dollarization is gaining momentum this year. After all, former Goldman Sachs chief economist Jim O'Neill called on the BRICS bloc to expand and create a single currency, thus challenging the dominance of dollar. That is what the BRICS countries are currently working on.
But not everyone considers the hegemony of dollar a threat, as according to Bloomberg, Kristalina Georgieva, the managing director of the International Monetary Fund, stated that she does not see rapid changes in US dollar reserves.
However, if the US continues to print money and reduce purchasing power, it will lead to fundamental changes in global reserves. For some time, US government spending has exceeded income, and more countries are choosing to buy gold for diversification.
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