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Gold, ‘Non-traditional reserve currencies’ eat into U.S. dollar’s reserve dominance: Wolf Richter

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Gold and other reserve currencies – but not the euro or renminbi – are steadily eroding the U.S. dollar’s position as the world’s preeminent reserve asset, according to Wolf Richter, analyst and publisher of Wolf Street.

“The status of the US dollar as the dominant global reserve currency has helped the US fund its twin deficits, and thereby has enabled them: the huge fiscal deficit every year and the massive trade deficit every year,” Richter wrote in an article published Monday. “The reserve currency status comes from other central banks (not the Fed) having purchased trillions of USD-denominated assets such as Treasury securities, other government securities, corporate bonds, and even stocks. The dollar status as the dominant reserve currency has been crucial for the US, and as that dominance declines ever so slowly, risks pile up ever so slowly.”

Total holdings of USD-denominated securities by other central banks (not the Fed) fell by $59 billion to $6.63 trillion at the end of 2024, from $6.69 trillion at the end of 2023,” he noted. “And the dollar’s share declined to 57.8% of total allocated exchange reserves at the end of 2024, the lowest since 1994, down by 7.3 percentage points in 10 years, as central banks have been diversifying their holdings for years to assets denominated in currencies other than the dollar, and into gold.”

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International News

Mark Raksha Bandhan With The Art Of Gifting By Lotus Arts De Vivre

Indinoor Brings South Indian Heritage To Life With A Contemporary Temple Jewellery Edit Curated By Shanaya Kapoor

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Raksha Bandhan is a celebration of a bond unlike any other. One shaped by cherished traditions and countless moments over the years. This festive season, Lotus Arts de Vivre brings a distinctive approach to gifting with a selection of jewellery, accessories and objets d’art created to be cherished well beyond the occasion.

Bringing together rare natural materials, exceptional artistry and centuries-old techniques from around the world, each creation tells a story of its own. From intricate Japanese lacquer and Cloisonné to luminous mother-of-pearl, abalone and fine marquetry, the edit offers thoughtful gifts for those looking to mark Raksha Bandhan with something truly distinctive.

Marquetry Clutch Bag with Carved Abalone Bird

A statement accessory rooted in an age-old decorative technique, the Marquetry Clutch Bag is created using imported European rye straw, which is soaked, split, sun-dried and ironed before being meticulously arranged into intricate patterns.

At its centre sits a delicately carved abalone bird with a diamond-set eye, complemented by silver and gold-plated detailing. Mother-of-pearl flower motifs with peridot centres and diamond accents along the bamboo-inspired detailing add another layer of intricacy. Taking over three months to create with more than six craftsmen involved at various stages, the clutch makes for a memorable gift that brings together art, nature and fashion.

Japanese Garden Inspired Lacquer Bangle with Diamond and Red Stone

The piece features diamonds and red stones set in 18-karat gold against a deep lacquer surface. Its creation draws upon the centuries-old Japanese Maki-e technique, where gold or silver powder is carefully applied with brushes to build intricate decorative compositions. Requiring approximately six months and the expertise of more than seven designers and craftsmen, the bangle is a wearable piece of art steeped in Japanese tradition.

Created by acclaimed Japanese lacquer artisan Kita Hama from Japan’s Noto region and embellished by Lotus Arts de Vivre, this sculptural bangle draws inspiration from the serenity and beauty of a Japanese garden

Cloisonné Necklace with Turquoise, Pearl, Red Lacquer and Cord

For a sibling drawn to jewellery with colour and character, the Cloisonné Necklace brings together turquoise beads, pearls, red lacquer and black beads around an intricately enamelled central pendant.

The necklace celebrates Cloisonné, a centuries-old decorative technique in which fine metal wires are shaped into delicate compartments and filled with layers of coloured enamel. The addition of red lacquer brings another historic Asian art form into the design, resulting in a striking interplay of colour, texture and traditional techniques with a contemporary sensibility.

Mother-of-Pearl Canapé Plate with Silver Birds

For those who appreciate beautiful objects for the home, the Mother-of-Pearl Canapé Plate transforms the natural iridescence of mother-of-pearl into an elegant serving and decorative piece.

Sourced from Southeast Asia, the mother-of-pearl is accented with intricately detailed sterling silver birds. Equally suited to serving hors d’oeuvres and desserts or displayed as an object on a coffee table or desk, the piece brings a touch of nature into the home. Taking approximately two months to complete, it passes through the hands of more than six craftsmen and designers from design to production.

Abalone Shell Bowl with Birds

Celebrating the beauty of materials in their natural form, the Abalone Shell Bowl uses a Mexican abalone shell distinguished by its luminous, iridescent colours and organic markings. Sterling silver birds perched along the shell introduce a whimsical signature detail.

Designed to work as both a serving piece and a decorative object, the bowl can hold flowers, desserts or small bites, or simply be displayed on its own. Each shell carries its own natural variations, making every piece inherently individual. The creation takes approximately one and a half months to complete, with several designers and craftsmen involved across its various stages.

This Raksha Bandhan, Lotus Arts de Vivre offers gifts that feel considered rather than conventional pieces shaped by rare materials, artistic traditions and meticulous handwork, chosen to celebrate a bond that is equally one of a kind.

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