Renminbi and yen chip away at dollar dominance
Central banks are slowly stepping away from the use of the US currency
The US dollar has long towered over global markets and finance. But cracks are starting to appear in the edifice.
The greenback’s pre-eminent role in official funds and international trade is formidable and unlikely to fade quickly. But the latest data from the IMF on central banks’ reserves show a subtle shift away from the dollar that analysts say could signal a rethink on the political risk embedded into US assets.