BlackRock’s Chief: US Dollar Weakens, Chinese Yuan And Alternative Currencies Grow

It’s been just reported that the US dollar continues to weaken as the Chinese Yuan and alternative currencies are growing. Check out the latest reports about this below.

According to a leading strategist at the biggest asset management firm globally, the US dollar has lost its status as an unbeatable world reserve currency.

According to the latest reports, in a new interview with Semafor Business, BlackRock’s Rick Rieder, who manages over $2.4 trillion in the giant’s Global Fixed Income arm, made sure to state the fact that other currencies, including crypto assets, are “chipping away” at the dollar’s supremacy.

“But we keep chipping away at the impenetrable armor of the dollar. Yuan is being used more, euros, there is a part of the market that looks at crypto as an alternative. I’ve been watching gold have a good run [up 8% this year].”

In regard to the recent debt ceiling crisis, Rieder says that if the US were to ever default on its debt, it would be a major blow to the US dollar and US bonds.

According to Rieder, the US government’s sanctions on Russia and seizure of Russian assets have made several countries cautious. As a result, in times of uncertainty, the next flight to quality may not involve the US dollar as it has in the past.

“A ratings downgrade would be a big deal because of how international investors and other central banks would view our debt. Secondly, U.S. Treasury bonds are the most liquid and actively used collateral in the world,” according to the notes mentioned by the online publication the Daily Hodl.

Check out the original article in order to learn more details about this. Stay tuned for more news, and make sure to keep your eyes on the crypto market as well.