World getting rid of dollars en masse

The investors are getting rid of dollars at the fastest pace in a year, expecting the U.S. Federal Reserve to end its cycle of interest rate hikes and start cutting rates next year. The asset managers are set to sell one and a half percent of their open dollar positions this month, the largest outflow since last November. Overall, this sell-off in dollar assets is among the top 6 in global markets over the past 20 years. The weakening of the dollar is also being used in China, where large state banks are selling dollars on spot currency markets. Thanks to this, the yuan exchange rate, which needed support in the summer, rose to a four-month high.