Global USD reserve market hits 29-year low

Ngọc Vân |

The share of the US dollar in global foreign exchange reserves fell to its lowest level since 1995, according to the latest data from the International Monetary Fund (IMF).

RT reported that the IMF said that in the third quarter of this year, the USD market share in global foreign exchange reserves decreased by 0.85%, to 57.4%. This is the lowest level in nearly three decades, reflecting the trend of diversifying monetary reserves of countries around the world.

The IMF has warned since June that the decline of the USD comes as countries increase their efforts to shift away from this currency. Instead, "non-traditional" currencies and the euro are gradually gaining dominance. In the third quarter, the share of the euro increased to 20.02%, while the Japanese Yen increased for 6 consecutive quarters, reaching 5.82%.

Notably, China's yuan market share, after 9 consecutive quarters of decline, has increased again, reaching 2.17% of total global foreign exchange reserves.

Despite a declining market share, the US dollar still dominates the foreign exchange reserve market, with the euro holding steady in second place.

The USD is under great pressure from the US's growing public debt and the sanctions Washington has imposed on its opponents, especially Russia.

After the Ukraine conflict escalated in February 2022, the US banned the Russian central bank from conducting transactions in USD and prevented cash USD from entering the country. The sanctions have prompted many other central banks to worry about the possibility of their USD reserves being frozen if they fall into Washington's "sights".

In addition, the sanctions have also forced Russia to step up its "de-dollarization" strategy. According to September data, Russia and its BRICS partners currently use national currencies in 65% of bilateral trade.

At the BRICS summit in Kazan in October, Russian President Vladimir Putin criticized the US use of the US dollar as a sanctions tool, warning that this was "a big mistake". Mr. Putin emphasized that this is prompting countries to seek alternative solutions, and that trend will continue.

Ngọc Vân
TIN LIÊN QUAN

Predicting when the $100 bill will become a thing of the past

|

The $100 bill, the most familiar and valuable symbol in the US monetary system, is about to undergo a major "overhaul" to keep up with the times.

Time to Sell USD, Experts Advise

|

Investors are bullish on the US dollar and according to Morgan Stanley analysts, that means it's time to sell the dollar.

Ruble plunges, Russian Central Bank stops buying USD

|

The Central Bank of Russia stopped buying dollars to reduce the volatility of the ruble.

The Ministry of Finance talks about the 46% tax rate

|

The representative of the Ministry of Finance assessed that the US imposing a 46% tax on Vietnamese goods will negatively affect exports, requiring appropriate policy responses.

Facing the 46% US tax rate, Vietnamese enterprises need to focus on investing in products that meet ESG standards

|

Dr. To Hoai Nam - Permanent Vice President and General Secretary of the Vietnam Association of State-owned Enterprises had an interview with Lao Dong Newspaper about the new tax rate applied by the US to Vietnam.

Dry port project in Hoai Duc abandoned for many years

|

The ICD My Dinh dry port project in Hoai Duc, Hanoi has been approved for nearly 10 years but has not been completed. However, the project's land has shown signs of lease.

Deputy Prime Minister Ho Duc Phoc is about to go to the US

|

Deputy Prime Minister Ho Duc Phoc paid a working visit to the US and an official visit to the Republic of Cuba.

Hanoi promotes tourism with a unique gift festival

|

Hanoi To stimulate tourism, from April 11 to 13, Hanoi will organize the 2025 Tourism gift Festival.

Predicting when the $100 bill will become a thing of the past

Ngọc Vân |

The $100 bill, the most familiar and valuable symbol in the US monetary system, is about to undergo a major "overhaul" to keep up with the times.

Time to Sell USD, Experts Advise

Ngọc Vân |

Investors are bullish on the US dollar and according to Morgan Stanley analysts, that means it's time to sell the dollar.

Ruble plunges, Russian Central Bank stops buying USD

Khánh Minh |

The Central Bank of Russia stopped buying dollars to reduce the volatility of the ruble.