Dollar dominance could give way to a 'tripolar' currency system as China's yuan and the euro rise on the world stage
has raised concerns as to whether a rival currency will dethrone it.
To be sure, its role in international trade looks to remain dominant, but that won't necessarily prevent its decline as a reserve currency. "But if I have to guess," he said,"it should be the [euro] and the [yuan] having roughly equal presence. Such a 'tripolar' reserve currency configuration would also make sense and be more aligned with the economic heft of the three blocs."
And while there have been some announcements of bilateral trade being settled with China's currency, those volumes are small, and don't compare to volumes seen across larger financial flows, according to Eurizon.
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