The multipolarization of the global reserve currency system is accelerating. Ironically, western sanctions against Russia have intensified the move away from the US dollar.

In late March, a team of CITI economists raised eyebrows in financial markets as they proposed that this year 'China could at least be a relative 'safe haven' given its growth premium, financial soundness, policy discipline and the new political economy cycle.' Among its global peers, China is an outlier this year with its accelerated expansion, giving the country a hedge for growth while economies in the US and Europe face a heightened risk of financial disruptions.