US Treasury Secretary acknowledged the decline in the share of the dollar in world reserves due to Russia and China

The dollar's share of global reserve assets has declined due to Russia and China. The reduction in the importance of the dollar was recognized by US Treasury Secretary Scott Bessent, as quoted by RIA Novosti.

During the hearings of the Finance Committee of the US House of Representatives, the head of the department noted that at the same time, the position of the American currency in global calculations continues to strengthen.

“The only thing we are seeing is a reduction in reserve assets, and this is mainly due to a decrease in their volumes in the reserve stocks of Russia and China,” he explained.

In terms of all international trade, the US currency continues to dominate. Bessent cited the recent completion of two of the most successful Treasury bond auctions in the last 20 years. This indicates confidence in the administration's policies and the reliability of the system as a whole.