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The dollar won’t be toppled

Claims that the war in Ukraine will prove to be a watershed moment that ends the dollar’s position at the heart of the global financial system are wide of the mark. It could accelerate the development of smaller trading blocs that use alternative currencies, but these won’t rival the scale and reach of the dollar. In view of the wider interest, we are also making this Long Run Update available to clients of our FX Markets & Global Economics Services.

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