 "Dollar")
America’s share of global output has fallen sharply since the Second World War but its currency has retained its supreme position. The US dollar (hereafter ‘the dollar’) remains the currency of choice for trade invoicing, denomination of external debts, foreign exchange intervention by central banks, anchoring of exchange rates, and accumulation of foreign exchange reserves. In each of these uses, the share of the dollar is 60 per cent or more. The euro is a distant second. Currencies such as the Japanese yen, the pound sterling, the Swiss franc, and the Chinese renminbi are even further behind.
In the
In the
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper
