Exceptionally insightful by @adamtooze.bsky.social -- and that's really saying something! Be sure to read all the way to the punchline: "There is little prospect of any rival, let alone the yuan, replacing the dollar any time soon."
adamtooze.substack.com/p/chartbook-...
adamtooze.substack.com
Chartbook 475: After the dollar as reserve currency, the (profit) dollar as a “portfolio currency”.
“The dollar is the world’s reserve currency.