Edward H. Campbell (@EdwardHCampbell)

Dollar alternatives: in demand, not yet convincing By John Orchard and Yara Aziz / 13 July 2026 | OMFIF Talk of ‘de-dollarisation’ may be overdone at this stage. The currency still has more than double the share of reserves relative to the US’s share of the global economy, at around 26%. Yet it remains one of the themes most likely to prompt sharp debate in OMFIF roundtables. Dollar defenders point to the unparalleled depth and liquidity of its safe asset market, broader dollar-denominated securities markets and the infrastructure to exchange, hedge, store and remit dollars. The main beneficiary is gold. Among the survey panel of 74 central banks, returns are only a marginal motivation: 10% cite higher relative returns as a reason for holding gold, up slightly from 9% last year. By contrast, 51% cite geopolitical risk, up from 45% in 2025, while 68% cite diversification, up from 61%. Physical gold holdings have also risen, with 82% of central banks now holding physical gold, compared with 71% last year. https://www.omfif.org/2026/07/dollar-alternatives-in-demand-not-yet-convincing/?mc_cid=309161d68e&mc_eid=31613fe264 #News #US #Economics #Value #Dollar #Reserve #Currency #China #Investments #Metals #Gold #Silver #OMFIF #NWO