May 21, 2026
Previously, the volume hadn’t topped $117 billion monthly, but analysts say the Iran war has stoked the use of China’s currency by oil exporters like Russia and Iran, who are seeking to avoid US sanctions. While the trend does reflect a slight erosion of the dollar’s international dominance, something we’ve been keeping our eye on, it’s worth keeping things in perspective: the greenback is still used in roughly 90% of all cross-border transactions and nearly 60% of global foreign exchange reserves. As Ian Bremmerexplained recently, there’s one reason the dollar is unlikely to be replaced as the world’s global reserve currency: TINA, or, There Is No Alternative.
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The surge first began when Israeli Prime Minister Benjamin Netanyahu formed a coalition with far-right leaders Bezalel Smotrich and Itamar Ben-Gvir, and accelerated after the attacks against Israel on Oct. 7, 2023, by the Gaza-based militant group Hamas.
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Global humanitarian needs are rising sharply – right as the systems designed to respond to them are facing the deepest funding cuts in years. At a recent UN event focused on the wellness of aid workers, GZERO’s Tony Maciulis spoke to experts, including Rajabi and Michel Saad, a deputy director at the UN’s Office for the Coordination of Humanitarian Affairs, who leads efforts in the Middle East and North Africa.
Rising fuel costs, tariff pressures, and slowing payroll growth are reshaping how small businesses operate. As uncertainty builds, many businesses are prioritizing flexibility over expansion. Explore how business owners are navigating complex economic moments. Subscribe to Bank of America Institute to learn how small businesses are staying agile.
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