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Economist Jim O’Neill explains how the dollar will lose its ‘kingpin’ status

“Renowned economist Jim O’Neill said Tuesday that investors “have to believe” the dollar is not going to be the kingpin currency forever” writes Simon Dawson for cnbc.com. The greenback’s status as the world’s most powerful currency has been questioned for decades, but contracts based on the U.S. dollar continue to dominate global markets.Firstly, it’s never going to happen because the dollar is the dollar.But beyond that, moving away from the dollar is a strategic priority for countries like China and Russia.However, in recent months, speculation has intensified that China could be poised to make a major move against the dollar’s dominance.
 
Source: cnbc.com



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