At various points in the past when US government debt threatened to explode, there would be talk of de-dollarisation and efforts to find a substitute—all to no avail. However, the dollar's share of global reserves has been volatile, falling from nearly 80% in 1970 to below 58% in 1980 and further to an all-time low of 47% in 1990. It rose to 71% in 1999 before falling again, to about 58–59% in 2020.
With the birth of the euro in 1999, there was a period when it was thought that, perhaps, this could provide a reasonable avenue of diversification for central banks, both from an economic and geopolitical perspective. However, it is clear that the euro is but a shadow of what was expected.
Nonetheless, the effort to find an alternative to dollar hegemony continues, accelerating after the G7, under US direction, sanctioned Russia after it invaded Ukraine, by cutting it off from SWIFT, the global settlement system.
This story is from the December 12, 2024 edition of Hindustan Times Punjab.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 12, 2024 edition of Hindustan Times Punjab.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
'Like Tendulkar is for cricket, Zakir Hussain was for classical music'
As the world of Indian classical music mourns Ustad Zakir Hussain, who died on December 15, few feel the loss as deeply as musician Aditya Kalyanpur.
When Chay flew to Mumbai
Following their wedding on December 4, actor-couple Naga Chaitanya and Sobhita Dhulipala have opened up about their relationship for the first time.
Grit in the tail frustrates the hosts, India avoid follow-on
Like in 2021, there was defiance in the damp air of Gabba as Deep and Bumrah steer India towards a likely draw on Day 4
How the challenge of batting in Oz changed
KOOKABURRA RELEASED A REDESIGNED BALL FOR TESTS IN 2021 THAT WAS SUPPOSED TO MAKE THE GAME MORE EXCITING, BUT IT HAS ONLY MADE BATTING MORE DIFFICULT
KIWIS CRUSH ENG BY 423 RUNS TO SEND RETIRING SOUTHEE OUT ON A HIGH
New Zealand tore through England's batting on Tuesday to crush the visitors by 423 runs in the third Test and send Tim Southee into retirement on a triumphant note.
Jhulan Goswami stand: Another historic moment at Eden Gardens
KOLKATA: At 6.58pm on a misty winter evening near the Eden Gardens change rooms, Jhulan Goswami took the stage. And said she was speechless.
Hayley shines, WI level series with 9-wicket win against India
NEW DELHI: West Indies captain Hayley Matthews led from the front as the visitors levelled the three-match T20I series with a dominant 9-wicket victory over India in the second game at the DY Patil Stadium in Navi Mumbai on Tuesday.
SMARTPHONE SALES FALL BELOW COVID-ERA HIGHS
India's $40-billion-plus smartphone economy is likely to continue below the demand in the pandemic era, raising concerns around how the market can revive itself.
GAZA CEASEFIRE TALKS SWIRL AS OFFICIALS PUSH FOR DEAL
Uncertainty surrounded Israeli Prime Minister Benjamin Netanyahu's whereabouts on Tuesday after sources briefed on talks about a Gaza ceasefire said he was travelling to Cairo but his office said he was on the northern border with Syria.
Rebellion hits ruling party as MPs demand Trudeau resignation
TORONTO: Hours after the shock resignation of his second-in-command, Canadian Prime Minister Justin Trudeau was barely clinging on to power even as over a third of the ruling Liberal Party's MPs called for a change in leadership.
