By Rachel Evans – While no one’s suggesting the dollar will lose its status as the main currency of business any time soon, its dominance is ebbing.
The greenback’s share of global reserves has already shrunk to under 61 percent from more than 72 percent in 2001.
The drumbeat has only gotten louder since the financial crisis in 2008, an event that began in the U.S. when subprime-mortgage loans soured, and the largest emerging-market nations including Russia have vowed to conduct more business in their currencies.
“The crisis created a rethink of the dollar-denominated world that we live in,” said Joseph Quinlan, chief market strategist at Bank of America Corp.’s U.S. Trust, which oversees about $380 billion. “This nasty turn between Russia and the West related to sanctions, that can be an accelerator toward a more multicurrency world.” more> http://tinyurl.com/law7nnm