According to the expert's calculations, the dollar has lost about 11% in the share of foreign exchange reserves since 2016.
The special military operation in Ukraine has accelerated the process of dedollarization in the world by 10 times compared to the figures for the previous 15 years. This opinion was expressed in an interview with the German publication Die Welt by Stephen Yen, former head of research at the investment bank Morgan Stanley and ex-economist at the International Monetary Fund (IMF).
According to the expert's calculations, the dollar has lost about 11% in terms of the share of foreign exchange reserves since 2016. Ian added that this process has accelerated 10 times since the start of the military conflict in Ukraine.
According to Yen, the main catalyst for this process was the US decision to freeze Russian dollar assets. This caused concerns on the part of Beijing and many developing countries.