Global currency structure reform: Is the U.S. dollar losing its dominance?

Global currency structure reform: Is the U.S. dollar losing its dominance?



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The U.S. dollar is the world’s primary reserve currency as well as the most widely-used currency for trade and international transactions. But in recent years, many countries have accused the U.S. of weaponizing the dollar amidst what they view as a growing dysfunctionality of the international monetary system. As the world becomes more multi-polar, many developing countries have been voicing their support for alternative forms to the dollar. What impact has dollar hegemony had on countries around the world? Is there an alternative? And what influence does the Chinese yuan have on the global economy?

Our guest in this edition of Dialogue is Busani Ngcaweni, director-general of the National School of Government (South Africa) and a senior fellow at Beijing Club for International Dialogue.

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