The United States enjoys the dollar’s status as the world’s international reserve currency. Plenty of countries provide demand for dollars because they are needed to settle important international transactions like oil shipments between nations.
However, this is starting to change, and down the road, the U.S. could lose its exorbitant privilege. OANDA put together a great infographic on how two of the world’s largest economies, China and Japan, have decided to bypass the dollar altogether and exchange their currencies directly, without the U.S. as the middleman.
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