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  "documentTitle": "What if the US dollar loses its status as the world’s reserve currency?",
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  "authorName": "Roland Berger",
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  "notes": "Includes a quote from Brazil President Lula regarding trade currency alternatives.",
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      "text": "Over the past two decades, the USD share of globally allocated foreign currency reserves has declined by around 10pp. to just below 60%.",
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      "text": "CURRENCY COMPOSITION OF GLOBAL ALLOCATED FOREIGN EXCHANGE RESERVES [%]",
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      "text": "USD share of global FX reserves: 58.4%",
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      "text": "Over the past two decades, the USD share of globally allocated foreign currency reserves has declined by around 10pp. to just below 60%. Recent efforts by some emerging market countries – led by China – to move away from the dollar as the world's reserve currency are rooted in the fact many countries are concerned that the US is increasingly using the dollar and its prevailing reserve system as a weapon against other states. The seizure of Russian FX reserves in Western central bank accounts in the aftermath of the Russian invasion of Ukraine has startled large reserve-holding countries. As a result, many countries have reduced their USD holdings and started buying gold instead. Countries like Brazil, Russia, India, China, South Africa (BRICS), some ASEAN nations, Kenya, Saudi Arabia, and the UAE are now also pushing to use local currencies in trade.",
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      "kind": "quote",
      "text": "Every night I ask myself why all countries have to base their trade on the dollar. Why can't we do trade based on our own currencies? Who was it that decided that the dollar was the currency after the disappearance of the gold standard?",
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      "text": "Every night I ask myself why all countries have to base their trade on the dollar. Why can't we do trade based on our own currencies? Who was it that decided that the dollar was the currency after the disappearance of the gold standard? - Brazil President Luiz Inácio Lula da Silva, April 2023",
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      "text": "Source: IMF",
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      "kind": "title",
      "text": "Although the US dollar's relevance has declined over past decades, its status as the global reserve currency remains hard to challenge",
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