Doubting the almighty dollar

Doubting the almighty dollar
The dollar currently accounts for about 66 per cent of global currency reserves, down from 72 per cent in 2000 Picture: Getty

The US currency’s continued primacy in the global market should not be taken as a given, as change can happen overnight

In an event that was largely ignored by the international media, in March the Chinese authorities sold about $20 billion of short-dated US bonds. There would normally be nothing unusual about this – the Chinese buy and sell US treasuries all the time to maintain stable yuan exchange rates against the dollar.

This sale, however, happened when the exchange rate was stable. It came after the Chinese declined to participate in one of the regular US bond...

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