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De-dollarization does not work: the share of USD in payments has increased to 49%

October, 29 2024
watermark Economic news

The US dollar has strengthened its leadership in global finance, reaching a 49% share in international payments — the highest in the last 12 years after growing by 9% in two years.


According to SWIFT, the position of the euro, which previously successfully competed with the dollar, has significantly weakened: its share has decreased from 39% to 21%, which was the lowest level in a decade. This strengthens the dollar as the main currency of world settlements.


Meanwhile, the Chinese yuan also showed growth, increasing its share from about 2% last year to 5%. Although international transactions also use systems outside SWIFT, including SEPA for European payments, SWIFT remains a key transfer platform and covers more than 200 countries.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.