The rival yuan doesn't pose a credible threat to the buck, strategist Alan Robinson said in a recent research note. "While China would like its renminbi to topple the dollar, that currency's share of global reserves remains a paltry 2.5%," he wrote. AdvertisementAdvertisement"We don't think any single currency is positioned to replace the dollar in the global reserve system," Robinson added. The greenback had a 59% share of global reserves at the end of the second quarter of 2023, per the IMF. The buck has clung onto its role as the dominant global currency despite China and Russia stepping up their efforts to undermine it since the Kremlin invaded Ukraine in February 2022.

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Persons: Alan Robinson, —, Robinson Organizations: RBC Wealth Management, Service, Global, International Monetary Fund Locations: China, Russia, Kremlin, Ukraine, Beijing, Moscow, Russian