Ho-fung Hung, New Left Review:
Thus, just when the US global military umbrella – the longstanding foundation of dollar hegemony – is showing signs of weakening, the CCP’s party-state is inadvertently prolonging the dollar’s dominance. Short of profound financial reform in China, the current stalemate, in which the world remains reluctantly trapped within the dollar system, is likely to persist. It is ironic that as US-China rivalry intensifies, China’s control over its economy has become a key factor in the staying power of the American empire.