US$$ supremacy fading as globalisation cracks

A more fragmented international monetary system may emerge from the unprecedented financial sanctions imposed on Russia after the Ukraine invasion which threatens to dilute the dominance of the US dollar, according to an IMF official. The dollar’s share of international reserves had fallen from 70 per cent to 60 per cent over the past two decades and may fall further. Mark Annand writes: “Unable to access the Visa payment system, Russian banks have already switched to the Chines