Having the dollar as a reserve currency is a precious asset for the United States. For decades, though, U.S. policymakers have more or less taken this for granted and have done little to protect this.
Recently, China has surpassed the U.S. as the largest trading partner in a few Latin American countries and, rather than use the dollar as an intermediary, the partners are starting to exchange currecies directly. This is bad news for the dollar.
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