Gita Gopinath, the First Deputy Managing Director of the IMF, disclosed that several countries are reevaluating their dependence on the US dollar for international transactions and reserve holdings.

This reassessment stems from various factors, including shocks caused by the COVID-19 pandemic and geopolitical tensions such as the Russia-Ukraine conflict.

Despite these considerations, the US dollar still constitutes a significant portion of the global reserve pool and dominates international trade finance.

However, there have been noticeable shifts in trade patterns among China-associated countries, with a decline in the US dollar's share and a doubling of the renminbi's share in trade finance payments since early 2022.

While some investors speculate about the US dollar losing its status as the world's primary currency, others, like Warren Buffett, believe it will remain widely accepted for the foreseeable future due to a lack of viable alternatives.