Meanwhile, global central banks have been adding gold to their coffers, rather than stocking up on the dollar. Its market share was around 71% in 2001 (peaked at 85.6% in 1971 before the Nixon shock, when dollar’s convertibility into gold was suspended) The market share of the US dollar in world’s forex reserves fell to nearly 58% in March 2022-the lowest since 1994. Accordingly, countries have been pruning their dollar holdings in recent years. The US has long ceased to be the world’s largest trade economy, making way for China as the premier trade partner. While it remains the dominant global reserve currency, its clout is slowly fading. Once the undisputed sanctum for global monetary affairs, the omnipresent dollar is visibly losing its grip. The mighty US greenback’s hegemony is under threat.
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