Emerging Power of the Yuan and De-dollarization of the Global Economy
The US government shutdown and the debt ceiling crisis have increased global concerns regarding the impact of the dysfunctional US political system on the international financial system, in particular, and the global economy more generally. There is an increasingly-held view that US Treasuries are no longer “riskless assets” as the second debt ceiling crisis in just two years has now raised the spectre of possible US government default. This raises concerns about the US dollar’s position as the unrivalled global reserve currency. Several world leaders have expressed.