Hot currency: US dollar bills in a photo shoot in Hong Kong. It is used in 88% of all currency trades, and accounts for 61% of the world’s foreign-exchange reserves. – Bloomberg
LONDON: For all the human and economic damage it has wreaked on the United States, the coronavirus crisis has reinforced the most important vestige of American power in the global economy: the supremacy of the dollar.
The US moved decisively to help foreigners get dollars when markets started seizing up in March. And in contrast to a previous tendency to emphasise the negatives of a strong exchange rate, US President Donald Trump has highlighted the positives of overseas demand for the greenback.
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