US Treasury Secretary Yellen has said: one should expect a slow decline in the US dollar as the reserve currency

6/13/2023

US Treasury Secretary Yellen has said: one should expect a slow decline in the US dollar as the reserve currency.

Asked by Rep. Warren Davidson, R-Ohio, on whether US sanctions could impact dollar transactions, Yellen acknowledged that their use has motivated some countries to look for currency alternatives.

"But the dollar plays the role it does in the world financial system for very good reasons that no other country is able to replicate, including China," she said. "And that is we have deep liquid open financial markets, strong rule of law and an absence of capital controls that no country is able to replicate. It will not be easy for any country to devise a way to get around the dollar."

"I would say there is virtually no meaningful workaround for most countries for using the dollar as a reserve currency," Yellen said.

"We should expect over time a gradually increased share of other assets in reserve holdings of countries — a natural desire to diversify," she said. "But the dollar is far and away the dominant reserve asset."

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