Renowned Economist Jeffrey Sachs Predicts Diminished Role

Renowned economist Jeffrey Sachs predicts

that the US dollar's dominance in the international payment system will decrease as its use as a political weapon, the emergence of digital currencies like China's digital yuan, and the US's shrinking share of the global economy diminish its role. Currently, up to 60% of foreign trade settlements and around half of the currency reserves are based on the US dollar, despite the US share of the global economy being just 15% in purchasing terms. Sachs sees the greenback's role as a historical one reflecting the US's power in the 20th century.