USD is about to lose its status as the world's reserve currency.

On August 17, in an interview with Fox Business, former President Donald Trump said that the USD is about to lose its position as the world's reserve currency.

More and more countries are realizing that they need a reserve currency other than the US dollar. (Source: Getty Images)

Mr. Trump - the leading candidate in the race for the Republican Party's nomination to run in the 2024 US presidential election - emphasized: "If the USD is no longer the world's reserve currency, that is bigger than losing any war."

Meanwhile, he asserted that the above scenario could not happen under his tenure as US President.

He also raised concerns about the current inflationary spiral and the high US public debt.

The instability of the US economy has been proven when the US credit rating was recently downgraded from AAA to AA+ by Fitch Ratings for the second time in history. The reason is that the financial and management conditions are getting worse, along with the continued increase in public debt and the possibility of the US defaulting in the next few months.

According to calculations by the US Treasury , US public debt is currently at 32,660 billion USD.

In addition, more and more countries are realizing that they need to have another reserve currency, instead of the USD. This is due to the fear of sanctions from the world's largest economy, like what the US did to Russia because of the special military campaign in Ukraine.

Bolivia is the latest country in the world to officially use the yuan in foreign trade transactions. Before Bolivia, there were 8 countries: Russia, Saudi Arabia, Argentina, Brazil, Iraq, Bangladesh, Pakistan and Thailand implementing the above policy.

Source: https://baoquocte.vn/cuu-tong-thong-trump-usd-sap-mat-vi-the-la-dong-tien-du-tru-cua-the-gioi-238854.html