Is the dollar's dominance in decline?

The Future of Money is a comprehensive analysis of the forces acting on the global financial system.

The Future of Money     Emerging Challenges to U.S. Dollar Supremacy     A new three-part Power Map series from FP Analytics, The Future of Money, examines the forces shaping the global financial landscape and driving the adoption of new financial instruments by major institutions as well as individual investors. Part I analyzes the dollar's status as the world's reserve currency, details emerging challenges, and walks through China, Russia, and the European Union's efforts to transform the existing financial system. Part II and III, coming soon, will provide an in-depth analysis of cryptocurrencies and their potentially transformative role in the global financial system and examine institutional adoption of emerging financial technologies. Part I of The Future of Money is now available for all FP Insiders.     READ PART ONE NOW     Topics Explored in Part I     U.S. Control of the International Financial System and Sanctions Overreach The widespread use of dollars as the predominant currency in international trade grants the U.S. extensive control over the international exchange of goods and services and makes its ability to enforce sanctions  particularly effective. The U.S.'s use of this economic power as leverage in geopolitical negotiations is now inspiring challenges to the current system from China, Russia, the EU, and other countries seeking to circumvent U.S. control.   Challenges to the Dollar and Existing Financial Infrastructure While there is ample evidence to suggest that a change in the near term is unlikely, ongoing efforts to undermine the U.S.'s financial advantage could significantly alter geopolitical power dynamics and weaken U.S. leverage over major powers such as China and Russia while providing countries such as Iran and North Korea new opportunities to access international trade and markets.   Domestic and International Implications of China's Digital Renminbi The Digital Currency Electronic Payment (DCEP) is a direct digital substitute for liquid renminbi currency now in circulation. If successful, the DCEP could accelerate renminbi internationalization, strengthen China's existing alternative financial infrastructure, and give the country a first-mover advantage in developing the underlying technology and standards for future central bank digital currencies.     Group Subscriptions Give your team the actionable insights from FP Analytics at a discounted rate with a group subscription to FP Insider. Learn More   Sponsorships  Work with  Foreign Policy and  FP Analytics  to produce reports, events, or podcasts focusing on the topics that are important to your organization. Learn More     Main Headline Goes Here     Also from Foreign Policy       Don't Abandon Afghanistan's Economy Too   Adam Tooze writes that as the chances of evacuation dwindle, the West owes Afghans a chance at surviving in their own country.   READ MORE ›                © 2021 Foreign Policy All rights reserved. 1750 Pennsylvania Avenue, NW, Suite 200 https://foreignpolicy.com/ | Unsubscribe

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