De-dollarisation is just fashionable debate. Every global crisis sends world back to dollar

When panic hits, liquidity wins Consider the global financial crisis of 2008. The crisis originated within the United States, triggered by the collapse of American mortgage markets and the failure of major financial institutions. One might have anticipated that investors would abandon the currency at the epicentre of the turmoil. However, the opposite occurred. As markets descended into panic, global investors rushed to acquire US Treasury securities. Capital flowed into dollar-denominated assets despite the crisis having begun within the American financial system. This pattern reemerged during the Covid-19 pandemic of 2020. As financial markets froze and uncertainty escalated, companies, banks…