Paul Gronwald, the chief economic expert of S&P Global, highlighted his predictions for the end of US dollar dominance at a conference held by the ratings company in London on Tuesday.

The economic expert explained that the US dollar no longer holds the same appeal it once had and that there is a dispersion surrounding this currency in global markets. Gronwald pointed out that there are other developments occurring outside the scope of the US dollar.

The expert noted the shift of many countries away from the US dollar and the increased use of national currencies in trade settlement. He cited the Chinese yuan as an example of this shift, as it has witnessed an increase in international trade usage. He added that China-based development banks offer affordable financing options, including the Asian Infrastructure Investment Bank (AIIB) and the New Development Bank (also known as the BRICS Bank).

While the expert stated that the US dollar will “remain a leading global currency,” he affirmed that it will no longer be the hegemonic currency on the world stage.

Meanwhile, the BRICS economic bloc is working on establishing a common currency, which many believe will weaken the dominance of the US dollar. In a statement made on Tuesday, Robert Kiyosaki, the author of “Rich Dad Poor Dad,” pointed out that BRICS member countries plan to launch a gold-backed currency and confirmed that the US dollar will “die.” A study conducted by asset management company “Invesco” indicates that central banks are reducing their holdings of the US dollar and planning to increase exposure to the Chinese yuan. Renowned investor Jim Rogers warned of further depreciation of the US dollar.

Global markets are moving towards greater diversification in currency usage and trade through national currencies. However, the US dollar still plays a leading role in the global arena, but this role is expected to decline over time due to global economic and political shifts.