Via the FT:
The decline of the dollar and the rise of the renminbi could be the “story of the next cycle” thanks to a confluence of political, economic and structural shifts, a large asset manager is predicting.
The widening ambit of US sanctions, epitomised by a renewed push to cut Iran’s oil exports “to zero”, but also encompassing measures against the likes of Russia, Venezuela, North Korea and to a lesser extent China and the EU, will be one driver of “de-dollarisation”, as countries seek to cut their exposure to the greenback, according to Investec Asset management, a $134bn fund house.
