The U.S. dollar’s position as the world’s currency of choice could be about to come under unprecedented pressure due to twin challenges from China and Russia, an influential Credit Suisse analyst has warned.
Cryptocurrency-inspired technological advances in the form of central bank digital currencies (CBDCs) and growing efforts to end dependency on the U.S. dollar means its “exorbitant privilege” as the international reserve currency “could be under assault,” Credit Suisse’s Zoltan Pozar wrote in a Financial Times op-ed.
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The U.S. dollar under president Joe Biden is facing major challenges from China and Russia.
“The…
