The US-dominated International Monetary Fund (IMF) has acknowledged that the hegemony of the dollar is in noticeable decline.
At the same time, the Chinese currency, the yuan or renminbi, is slowly growing in influence, along with other currencies, according to the IMF.
In 2000, roughly 70% of global foreign exchange reserves were held in US dollars. As of 2021, that figure had fallen to just under 60%.
Meanwhile, the IMF noted that there is a rise in “nontraditional currencies” from smaller countries being held in international reserves.
The United States has veto power over IMF decisions, and the institution is notorious for acting as an instrument of US political influence.
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