Think the greenback can’t be displaced? You might be surprised
How do currencies achieve reserve status?
Since 1450, there have been six major reserve currency periods. Portugal dominated the global reserves until 1530 when Spain became stronger. Currencies issued by the Netherlands and France dominated world trade for much of the 17th and 18th centuries. But the emergence of the British empire made the Pound Sterling the reserve currency until the end of the First World War.Article content
Meanwhile, the Chinese Yuan has already become a de facto reserve currency in Russia. Russian leadership turned to China after facing sanctions from the West due to its invasion of Ukraine earlier this year. Now, 17 per cent of Russia’s foreign reserves are denominated in yuan. The yuan is also the third most demanded currency on The Moscow Exchange.
If the forecasts are correct, long-term investors should consider some exposure to yuan-denominated assets and Chinese stocks with significant yuan earnings.Stocks can be volatile, cryptos make big swings to either side, and even gold is not immune to the market’s ups and downs.
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