United

Steel

James

<p>As the BRICS actively seek to dethrone the US dollar from its status as the world’s reserve currency, HSBC has issued bold predictions about the future of the greenback. In the face of these dedollarization initiatives, HSBC analysts maintain that the dollar will continue to reign as the dominant currency for decades to come.</p>
<h2 id="hsbc-s-prediction-on-the-us-dollar">HSBC’s Prediction on the US Dollar</h2>
<p>HSBC, one of the world’s largest banks, recently shared its forecasts on the future of the US dollar. According to James Steel, Chief Commodities Analyst at <a href="https://www.cointribune.com/en/crypto-la-hsbc-se-reveille-dun-long-et-profond-sommeil-2/" target="_blank" rel="noopener noreferrer nofollow">HSBC</a>, the dollar will retain its position as the world’s reserve currency for the next 20 years. Steel <a href="https://watcher.guru/news/brics-hsbc-predicts-how-long-us-dollar-will-remain-global-currency" target="_blank" rel="noopener noreferrer nofollow">stated in an interview</a> with Bloomberg: “<em>We do not believe there will be a loss of sovereignty for the US dollar as the world’s reserve currency for the next 10, 20 years, for reasons that would require a whole program.</em>”</p>
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<p>This statement comes as the BRICS intensify their efforts to reduce their dependence on the US dollar.</p>
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<h2 id="h-brics-dedollarization-initiatives">BRICS’ Dedollarization Initiatives</h2>
<p>Indeed, since 2022, BRICS countries’ central banks have adopted a strategy of diversifying their reserves, notably by accumulating large quantities of gold. This measure follows the economic sanctions imposed by the United States on Russia after the invasion of Ukraine. The BRICS seek to protect against the fluctuations of the US dollar and to strengthen their economic independence.</p>
<p>Despite their efforts to reduce their dependence on the dollar, HSBC predicts that these initiatives could fail to dethrone the greenback. According to the expert, the local currencies of the BRICS countries currently do not have the capacity to rival the stability and global confidence granted to the US dollar. Steel believes that “<em><a href="https://www.cointribune.com/en/is-de-dollarization-failing-the-triumph-of-the-us-dollar-over-brics-currencies/" target="_blank" rel="noopener noreferrer nofollow">dedollarization by the BRICS</a> may not achieve its objectives, as the dollar remains a safe haven in times of economic uncertainty.</em>”</p>

BRICS Amass Gold, Dollar Unchallenged: According to HSBC

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