It was a delightful surprise when my first OMFIF Commentary, China's Dollar Pragmatism, published in September, became the Most Read Commentary 2020 by the end of an eventful year. I drafted it in irritation at the increased frequency of articles bemoaning the loss of dollar hegemony with the rise of China. These articles showed no appreciation of how global financial architecture or influence is established or maintained. Instead, I wanted to show that while the dollar's century of global dominance was helped by Washington from time to time as a matter of national policy, it arose initially from the determination of New York mercantile banks, and grew steadily as both public and private sector actors around the world appreciated the advantages of dollar stability, funding, and markets.
https://www.omfif.org/2020/09/chinas-dollar-pragmatism/