Harvard professor Kenneth Rogoff has long warned that the US dollar is facing a crisis of legitimacy and that its role at the top of the global financial system is becoming increasingly unstable. The former IMF chief economist, who is also known as a chess grandmaster, published the book “Our Dollar, Your Problem” in May 2025 and has since shifted his focus to the growing competition for the US currency.
In an interview, Rogoff describes the dollar’s competition with the Chinese yuan and the euro, as well as efforts by policymakers around the world to reduce dependence on the US currency. He also explains the significance of the rise of cryptocurrencies for future developments in the international monetary system and why he expects the yuan to become a reserve currency within the next five years.
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