The emergence of a new reserve currency in the world is one of the factors that will cause the dollar to lose its dominant position. In particular, Russia and China are now actively working with several other countries to create it, which could lead to the loss of the "American" monopoly forever, writes the Washington Times.
The role of the world's main currency used for calculations and the formation of foreign exchange reserves, the dollar got after World War I, replacing the pound sterling. As a result, many countries, storing in it their foreign exchange reserves, became dependent on it, said the publication. Trade of all major world commodities is also conducted in it.
This position allows the U.S. to apply sanctions to other countries, prevent them from carrying out foreign exchange transactions and attracting investment, as well as completely freeze their U.S. bank accounts, stated the Times. This, along with the not-so-responsible monetary policy pursued by the U.S. government without regard to the rest of the world, is repulsive to enemies and allies alike. To date, Russia and China, for example, have reduced their mutual settlements in dollars from 90% to 40%.