Former IMF Vice President Zhu Min: Confidence in the US dollar is declining and is now facing two major challenges to its dominant position.

The "2026 Bond Market Annual Forum" hosted by the National Lab of Finance and Development of the First Entrepreneurship Union and organized by the First Entrepreneurship Bond Research Institute of Shenzhen was held in Beijing on January 16th. Zhu Min, a senior expert member of the China Center for International Economic Exchanges and former Deputy Managing Director of the IMF, stated that due to the diversification of global reserve assets, the dominance of the US dollar is facing changes and challenges. He mentioned that while the US dollar still has an advantage in official reserve assets, this advantage is decreasing and facing rising challenges, including challenges in the field of forex reserves, with the emergence of significant challenges from the Chinese yuan and other non-traditional reserve currencies after the financial crisis; and challenges in the field of overall reserve assets, with a noticeable increase in the challenge to the US dollar's comprehensive reserve assets from gold after the financial crisis, mainly due to the significant increase in the total amount of gold held in the official reserves of China and other non-traditional Western countries.