The struggling global economy has led some to wonder if the U.S. dollar may lose its status as the world’s “reserve currency,” meaning its position as the currency most widely held by foreign governments. But for several reasons, we are more likely to see so-called dollar hegemony continue for some time into the future.
Chinese Foreign Minister Wang Yi and U.S. Secretary of State Anthony Blinken spoke by telephone Sunday, ahead of a possible meeting between President Xi Jinping and President Joe Biden. The two sides appear to be trying to lower the temperature on their relationship, which has recently been characterized by escalating tensions.
Amid a looming global economic crunch driven in part by a slowdown in China, a recalibration of Beijing’s footprint in Africa and deepening tensions with the West, many African governments are asking questions about what direction the relationship between their countries and China will take in the next couple of years.
