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The US dollar's role continues to be central to the functioning of the international financial system. The Bank of International Settlements estimates that the US dollar is involved in almost 90 per cent of foreign exchange transactions and accounts for 85 per cent of transactions in spot, forward and swap markets.

For the U.S., it would likely mean less access to capital, higher borrowing costs and lower stock market values, among other effects. Having the world's reserve currency has allowed the U.S. to run large deficits in terms of both international trade and government spending.

The Chinese yuan, gold, Bitcoin, the euro, and a common BRICS currency aim to chip away at USD supremacy. The dollar isn't going away, but other assets classes are slowly chipping away at its dominance. ... Beijing has big ambitions for the Chinese yuan. ... Gold is making a comeback as a store of value.

The PRC will continue to push the yuan as an alternative to the USD as a global reserve currency. However, until it gains mass adoption in countries other than those antagonistic to the Western financial ecosystem, it will remain as a ?China Plus? currency.

The PRC will continue to push the yuan as an alternative to the USD as a global reserve currency. However, until it gains mass adoption in countries other than those antagonistic to the Western financial ecosystem, it will remain as a ?China Plus? currency.

Since 1971 the US dollar has been a fiat currency that is backed by the faith and credit of the US government, rather than by gold or any other tangible asset. The value of the US dollar is determined by a variety of factors, including economic fundamentals, geopolitical developments, and market sentiment.

For the U.S., it would likely mean less access to capital, higher borrowing costs and lower stock market values, among other effects. Having the world's reserve currency has allowed the U.S. to run large deficits in terms of both international trade and government spending.