1、Leading perspectives to navigate the futureThe Future of the Monetary System2071.The checkered history of the USD-centric monetary systemSince its formal anointment as the worlds lead currency,dollar hegemony has frequently been in question,especially when US monetary policy was regarded as irrespon

2、sibly lax or too tight.Table of contents142.Macroeconomic imbalances and geopolitical conflictUS macro imbalances could once again undermine trust in the US dollar.Moreover,the Russia-Ukraine war and ongoing US-China tensions may lead some to question whether geopolitics might also weaken US dollar

3、dominance.04Editorial05IntroductionAbout the Credit Suisse Research Institute(CSRI)The Credit Suisse Research Institute(CSRI)is Credit Suisses in-house think tank.It was established in the aftermath of the 2008 financial crisis with the objective of studying long-term economic developments,which hav

4、e or promise to have a global impact within and beyond the financial services industry.The Institute builds on unique proprietary data and internal research expertise from across the bank and in collaboration with leading external specialists.Its flagship publications,such as the Global Wealth Repor

5、t,regularly attract more than 100,000 readers online,generating high press coverage and over three million impressions on social media.Further information about the Credit Suisse Research Institute can be found at www.credit- Future of the Monetary System213.Rethinking foreign currency reservesOne o

6、f the most direct measures of its dominance remains the weight of the US dollar in global foreign exchange reserves.Although it has indeed diminished in trend,evidence of a major reallocation to other currencies remains limited.284.How the monetary system could evolve For the foreseeable future,ther