Decline..

 

The U.S. dollar saw an 8% decline in its share of global reserves in 2022 — causing some to question whether the dollar’s days of dominance are over.

Treasury Secretary Janet Yellen gave her two cents on the subject of so-called “de-dollarization” during a congressional hearing on Tuesday — stating that no currency currently exists that could displace the greenback. While U.S. sanctions and foreign policy plays have inspired a backlash from China, Russia and other prominent countries — who are keen to dethrone the dollar — Yellen remains adamant that “it will not be easy for any country to devise a way to get around the dollar.”

She did, however, warn that the dollar’s share of global reserves may continue to decline as countries look to “diversify.”