so nobody read the article and instead regurgitated pre-existing sentiment, while forgetting the golden rule of journalism:
if an article ends in a question mark, the answer is no.
> the greenback dominated 88% of traded FX volumes — close to record highs — while the Chinese yuan (CNY) made up just 7%, according to data from the Bank for International Settlements (BIS).
> Likewise, there is little sign of USD erosion in trade invoicing. “The share of USD and EUR has held steady over the past two decades at around 40–50%.
there is currently no other alternative to meet the global liquidity demands
That first sentence starts with "In 2022,", so presumably the numbers are different now, but I couldn't find anything in the article about how things have changed in the last four years.
Liquidity is atrocious as soon as you leave USD rails and are trying to move more than a few million (in notional usd terms), let alone billions
Downright terrible, its actually amazing how bad it is. “Finance” as infrastructure isn’t anywhere near finished and swapping the currency rails would be very hard
Its more than people just agreeing to use a different currency, which means its more than all traders and merchants dying, the next best currencies have structural problems. Their central banks trying to pump the market full of liquidity would destabilize those currencies far more than it would the USD doing the same thing
if an article ends in a question mark, the answer is no.
> the greenback dominated 88% of traded FX volumes — close to record highs — while the Chinese yuan (CNY) made up just 7%, according to data from the Bank for International Settlements (BIS).
> Likewise, there is little sign of USD erosion in trade invoicing. “The share of USD and EUR has held steady over the past two decades at around 40–50%.
there is currently no other alternative to meet the global liquidity demands