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The dollar’s position is challenged by default fears, ‘petroyuan’ trade and central bank digital currencies But dollar dominance will be hard to overcome On the global stage, the dollar dominates. The US dollar is involved in 90 per cent of all foreign exchange transactions and almost half of world trade. As the chart shows, dollar assets make up 60 per cent of the world’s currency reserves, with the euro (at under 20 per cent) in distant second place. This puts the US economy in a unique and privileged position. As international trade is...