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Xi’s China will never achieve world currency domination

First published: The Daily Telegraph 29-03-2023

In troubled and uncertain times, people like to explain and assert things that often lack accuracy and understanding. The 2008 financial crisis, QE, the pandemic and climate change have provided many examples.

Now, with a few banks in crisis, rather than a banking crisis as such, and the crypto world in flux, the end of the US dollar’s supremacy is getting yet another airing. But nothing could be further from the truth.

This week, the American commentator, Fareed Zakaria, posted a five-minute video on social media in which he warned that the US dollar’s reign at the top of the global monetary system was coming to an end and that this would lead to chaos for the United States. It’s not an unpopular view on social media, but is heavily misinformed. Read on….