US Dollar Faces Test as Economist Sees Yuan, Rupee, Ruble Rising
Kevin Helms
Economics
US Dollar Faces Test as Economist Sees Yuan, Rupee, Ruble Rising
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Global de-dollarization is surging as a leading economist confirms nations are accelerating the shift to local currencies, reshaping global finance with a powerful multi-currency push.
Economist Sees Power Shift as Yuan, Rupee, Ruble Eat Into US Dollar’s Dominance
Global de-dollarization is accelerating as countries shift to a multi-currency system, using alternatives to the U.S. dollar for trade, reserves, and investments to boost autonomy and resilience amid changing geopolitical dynamics. American economist Jeffrey Sachs, director of the Center for Sustainable Development at Columbia University, discussed this transformation in an interview with Russian state news agency TASS on May 30
The economist emphasized the parallel between global political and financial developments, stating:
We are moving to a multi-currency world, just like we’re moving or have moved to a multi-polar world. So, there will be a greater international role for the ruble, for the rupee, for the renminbi than in the past.
He pointed to a growing consensus among policymakers and economists that the dominance of the U.S. dollar, once considered unshakable, is now facing structural challenges.
Sachs elaborated on the changing dynamics in international finance, predicting a waning role for the dollar in key global functions. He opined:
The share of international finance in US dollars, either to settle payments or to hold foreign exchange reserves or to hold investments, will diminish.
He also asserted that this shift is not a distant possibility, but rather a process already in motion: “So, I think we’re already in that period of moving to a multi-currency system.” This outlook aligns with initiatives by major international blocs such as BRICS, the Shanghai Cooperation Organization (SCO), and the Association of Southeast Asian Nations (ASEAN), which have all taken active steps to promote local currency settlements and explore new financial arrangements that reduce dependence on the U.S. dollar. These moves are seen by analysts as a broader trend in global finance that reflects the redistribution of economic power and a desire for greater monetary sovereignty.
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