For nearly 80 years, the US dollar has been the dominant global reserve currency, driving international trade and financial systems. The post-WWII economic order, solidified by the Bretton Woods Conference in 1944, placed the dollar at the center of global finance, a position it still holds today. Despite challenges, such as rising calls for ‘de-dollarization’ by countries like China and Russia, the dollar remains the world’s most widely used and held currency.

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• US dollar has been the global reserve currency for almost 80 years.
• Dominates $6.6 trillion in daily transactions worldwide.
• Ongoing use in global oil pricing, despite attempts by OPEC+ and China to diversify.
• BRICS nations (Brazil, Russia, India, China, South Africa) exploring alternatives, including a potential new common currency.
• Chinese renminbi gaining ground, particularly in trade between China and Russia.
• US President-elect Donald Trump warns of steep tariffs on BRICS countries’ efforts to challenge the dollar’s supremacy.
• The dollar represents 59% of global foreign exchange reserves.
• The Bretton Woods Agreement of 1944 established the dollar as the backbone of global finance.
• CFR defines a reserve currency as one held by central banks for international trade, economic stability, and debt servicing.
• The dominance of the dollar gives the US significant political and economic leverage in the global market.