Dollar and Yuan battle for global supremacy

USA and China have opened up a new avenue for competition amongst the superpowers – Currence Exchange Rates.

Tensions between the USA and China have opened up a new avenue for competition amongst the superpowers – Currence Exchange Rates.
2020 has been a particularly bad year for global economies but the predicted drops in the value of the Dollar might make it worse for the United States.
The USA’s strategic competitors like Russia and China have already started moving away from the dollar. This compounded by the ease in Exchange rates by the Chinese government is worsening the situation for the dollar.
What makes the issue worse is that USA’s budget deficits keep increasing in a period that is already bogged down by inflation (which is likely to increase) as well as a massive recession in the United States with millions of people filing for unemployment.
While the dollar is still ‘safe’ for now given its status as the provider of safe long-term debts, we’ll have to watch out for future trend predictions to see if the Chinese Yuan will take over the race anytime soon.