The United States enjoys a special advantage because of the preeminent status of its dollar as the world’s leading reserve currency and medium of exchange. Other countries are increasingly moving toward knocking the dollar off its throne through de-dollarization. The trend is unstoppable, but it’s unlikely the dollar will lose much of its authority any time soon.
Beijing’s prowess at attracting supply chains over the past three decades, notwithstanding, China doesn t have a currency to back its ambitions yet. Ironically, the dollar has become more dominant even as the US recedes as a proportion of global GDP, relative to the likes of China and India
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