admin The Federal Reserve Governor Christopher Waller stated that the US dollar is to remain the world’s reserve currency considering the currency’s dominance in international trade during a conference which was sponsored by the Global Interdependence Centre and the University of the Bahamas in Nassau.
Waller has also addressed some concerns which were raised regarding the decline of the US dollar’s status, saying, “Recent commentary warning of a possible decline in the studies of the US dollar raises concerns about the effects of sanctions against Russia, US political dysfunction, the rise of digital assets, and China’s efforts to bolster usage of the renminbi.”
Despite the concerns, Waller emphasised that none of them have substantially lowered the status of the US dollar in the global economy. He highlighted that the heightened usage of digital assets, especially stable coins that have mainly tethered to the dollar, has in fact bolstered the international prominence of the US currency.
Moreover, Waller expounded that during the periods of turmoil, international investors consistently seek assistance in the US Treasuries and confidently said that, “ I do not expect to see the US dollar lose its status as the world’s reserve currency anytime soon, nor even see a significant decline in its primacy in trade and finance,” he added, “ Recent developments that some have warned could threaten that status have, if anything, strengthened it, at least so far.”
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