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Currencies After the Crash: The Uncertain Future of the Global Paper-Based Currency System by Sara Eisen

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CHAPTER 2

THE WORLD’S HEGEMONIC RESERVE CURRENCY: THE U.S. DOLLAR VERSUS THE CHINESE YUAN

STEPHEN L. JEN

“The growing question is whether the exceptional role of the dollar can be maintained.”

—Paul Volcker, former Federal Reserve Chairman, November 31, 2010

The global financial crisis of 2008 has made it tempting to discount the long-term prospect of everything American. In addition to the derating of the United States’ economic, political, and military dominance, many people argue that the dollar will soon lose its hegemony, or authoritative dominance, as a reserve and international currency. At the same time, in part because of the powerful rise of China in the past decade, some people believe that the yuan could soon become a major reserve ...

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