Janet Yellen Warns De-Dollarization Efforts Will Grow as Countries Seek Currency Alternatives

U.S. Secretary of the Treasury Janet Yellen delivers remarks at Johns Hopkins University’s School of Advanced International Studies (SAIS) in Washington on April 20, 2023. Anna Moneymaker/Getty Images

The U.S. dollar’s international status as the chief reserve currency is slowly diminishing as other countries diversify their assets, warns Treasury Secretary Janet Yellen.

During a Housing Financial Services Committee on June 13, multiple Republican and Democratic lawmakers lobbed questions surrounding the risk of the worldwide de-dollarization campaign that has accelerated over the past year.