According to the report "Monitoring the Dominance of the USD" by the Atlantic Council's GeoEconomics Center, the USD is still the world's main reserve currency.

The Euro and the BRICS economies have not been able to reduce the world's dependence on the US dollar. The report highlights that the USD remains the primary currency in foreign exchange reserves, trade payments, and global currency transactions. The dominance of the USD is reinforced by a strong US economy, tighter monetary policy, and increasing geopolitical risks, despite BRICS efforts to shift to other currencies.

Sanctions against Russia following the Ukraine conflict have spurred BRICS to develop a monetary alliance, but they have made little progress in de-dollarization. BRICS includes Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the UAE. Negotiations on an internal BRICS payment system are still in the early stages, and bilateral and multilateral agreements are forming a foundation for currency exchange, but expansion is difficult due to individual negotiations.

China has increased the liquidity of the renminbi through swap agreements, but its share in global foreign exchange reserves has dropped from 2.8% in 2022 to 2.3%. The Euro, once considered a rival to the USD, has also weakened as many countries turn to gold to reduce risk. Sanctions on Russia have shown that the Euro is also susceptible to geopolitical risks similar to the USD, and concerns about macroeconomic stability and financial foundations have weakened the Euro's international position.

Duy Nguyen compiled from Vietnam Financial Times