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US dollars is now the most widely used currency in the world, with central banks, and affluent individuals' cash holdings, all using it widely.
According to a report of the European Central bank, roughly 40% of international trade transactions in goods are invoiced in US dollars.
As of 2020, more than 90% of forex trading was conducted in dollars; banks hold more than 60% of foreign exchange in dollars; half of all dollars in circulation were used outside the US—particularly in Latin America and former Soviet countries—and more than half of global trade will be conducted in dollars.
The benefits of the US dollar over the yuan are enormous when the facts are considered.
Rumor has it that China wants the Yuan, its currency, to replace the dollar as the world's reserve currency. China is taking steps to achieve this as its economic power develops to gain more influence over the world.
So, Are all these rumors true or not?
Watch the video to find out more.
#china #dollar
Chapters :
00:00 - Intro
00:58 - How U.S. Dollar became the reserve currency?
02:40 - The Rise of Chinese Currency.
04:10 - Digital Yuan.
06:08 - Hurdles for Yuan to Replace U..S Dollar.
10:37 - Outro
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Money Uncharted makes Explainer Documentaries about Money, Finance, Economics, and Business.
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