De-dollarization is undeniable, and the debate about the greenback's dominance is heating up. Here's what Elon Musk, Ray Dalio, Chamath Palihapitiya and 7 others are saying.
"Until [the yuan] is unpacked in a free-floating currency, we will never know what the real market clearing price is," Palihapitiya said."China has been very effectively able to manipulate this currency since they were brought into the WTO, in order to engender that trading partner status," he continued, adding that the dollar will remain the"canonical" flight to safety.
"One area I'm comfortable is I'm short the US dollar," he told the outlet."Currency trends tend to run for two or three years. We have had a long [run] higher.
"While that is a clear risk if the US abuses its 'exorbitant privileges', we see no evidence of that in the data so far , and our strong view is that there is currently no real contender," they added.According to Sullivan, the dollar's dominance could be"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world's other currency unions," he said.
"Either way, the dollar's reign isn't likely to end overnight—but a [BRICS currency] would begin the slow erosion of its dominance," he said.
earlier this month. He added that Malaysia and China are already in talks to utilize the ringgit and renminbi for trade deals.
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