Dollar is debt, fewer central banks are willing to hold it, according to billionaire investor Ray Dalio.
Dollar Dominance Fading Amid Growing China Trade, Russia Sanctions Risks, Ray Dalio Says
Central banks around the world are less inclined to hold the greenback, the founder of Bridgewater Associateson the Julia La Roche Show last week. “Dollars are debt. In other words, when one holds a dollar — a central bank — they hold a debt asset,” he stated, according to excerpts quoted by the Business Insider on Tuesday.
At the same time, Western financial restrictions on Moscow have been pushing the Russian economy towards the yuan while Russia also saw $330 billion in currency reserves frozen, further preventing it from transacting in dollars or euros. Dalio believes that the sanctions have increased the perceived risks associated with dollar assets. He concluded:
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