The declining dominance of the dollar

Welcome back, readers.?The standing of the dollar on the world stage has slipped in recent years, and JPMorgan found that the yuan has moved in the opposite direction. Today we're breaking down the changing tide.?

Let's get started.?

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1. The dollar's share of global currency reserves has hit its lowest on record.?It dipped below 59% in the fourth quarter of 2021, even before Western sanctions on Russia raised doubts about the reliability of?accessing the greenback .?

That's down from nearly?65% in 2015 .?

JPMorgan analysts pointed out that, while the decline isn't new, it has accelerated since the US trade war with China began in 2018. They found that the recent strengthening of the dollar's value also masks a steeper drop in its reserve status.?

All the while, the yuan has gained ground in global reserves.?But not necessarily in strength — China's currency is staring down its?worst weekly drop ?against the dollar since 2015.?

The offshore price for the yuan has fallen 2.4% over the past week to 6.53 per dollar, Bloomberg data showed. Rising US bond yields and worries over China's economic growth have led investors to?shed the county's securities .?

A spokesperson at China's foreign exchange bureau said the yuan's recent fluctuations are due to global market?volatility , adding that?the currency remains basically stable .

"With strengthened resilience in the foreign exchange market, China has the foundation and conditions to adapt to the [US] Fed's policy adjustment," the spokesperson said Friday.

In other news:

2. Elon Musk and Twitter are in talks over his proposed takeover deal.?The two sides could reach an agreement as early as this week, reports say.?Read more about it here.

3. A millennial California couple with six rental properties broke down the steps anyone should take before considering real estate for passive income.?They said being a landlord is not a "get-rich-quick" scheme, but a business that requires work.?Here are their five recommendations.?

4. This 25-year-old receives about $1,118 a month mining ethereum out of his house.?He detailed the graphics cards he bought, electricity usage, and which ones gave the best return on investment.?Plus, he shared how much he paid and the key lessons he learned in the process.

5. Most counties in the US saw positive net international migration during the pandemic.?That's based on Census Bureau data from July 1, 2020 to June 30, 2021.?Check out Insider's interactive map that shows how many people moved, and where they relocated.?

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