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Reasons for dollar’s ongoing strength
The article confirms that the US dollar, despite the decline of American economic dominance and China's lack of surpassing the US in industrial output, remains the most important international currency. It accounts for about 60% of global foreign exchange reserves and is widely used in international trade. This is due to the dollar’s role in global financing, the ease of access to it through the related banking system, and its ability to issue liquidity during crises via the Federal Reserve. Although America's productive dominance has diminished, the dollar's status remains strong. Meanwhile, China continues to develop its productive strength, but the lack of a more widely used currency hampers its ability to replace the dollar as a global reserve currency. This leaves the current monetary hegemony somewhat fragile and subject to change, with the possibility of a new system emerging in the future.
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