World’s currency reserves – level 1

02-05-2023 15:00

Since 1944, the US dollar is the main global reserve currency. It means that most countries hold their currency reserves in dollars.

As a result, all countries want dollars. The value of the dollar is high. Import is cheaper. For the US, it means that the country imports more than it exports.  But the situation is changing. In 2001, 73% of the world’s reserves are in US dollars. Nowadays, it is only 58%. This decline gets faster when Russia attacks Ukraine. The US freezes Russia’s dollar assets.

Experts believe that no currency will replace the dollar soon. But the Chinese yuan and Japanese yen are getting stronger. Experts say that it is important to watch the situation closely.

Difficult words: reserve (a supply of something ready when someone needs it), currency (money), value (how expensive or important something is), asset (something what a person or organization owns).

You can watch the original video in the Level 3 section.

What impact could a decline in the use of the US dollar have on the US economy?


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