Goldman Sachs said on Aug. 7 that recent intervention by the United States and Japan to support the yen did not weaken the U.S. dollar’s standing as the world’s main reserve currency. Instead, the bank said those actions reinforced it. According to the firm’s analysis, Washington’s intervention in euro/yen and the possibility that Japan could use the Federal Reserve’s FIMA dollar facility highlight the depth and liquidity of U.S. financial markets. Goldman Sachs added that no competing reserve asset currently matches the dollar in terms of global infrastructure, liquidity, and usefulness during periods of financial stress.
Goldman Sachs said on Aug. 7 that recent intervention by the United States and Japan to support the yen did not undermine the U.S. dollar’s position as the world’s main reserve currency. The bank said the moves instead strengthened that standing.
In its analysis, Goldman Sachs said Washington’s intervention in euro/yen, along with the possibility that Japan could tap the Federal Reserve’s FIMA dollar facility, highlights the depth and liquidity of U.S. financial markets.
The bank added that no competing reserve asset currently matches the dollar in global infrastructure, liquidity, and practical usefulness during periods of financial stress.
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