Analysis of "Dollar Hegemony".

TLDR: The roles of reserves, loans, and transactions are intertwined. Currently, the factor that may most significantly impact "money printing ability" is the reserve status. The reserve status is directly related to geopolitical factors and corporate profitability. Before China resolves the Taiwan Strait issue, it is unlikely to challenge the dollar's status as the reserve currency. More importantly, it should focus on enhancing corporate profitability, which involves technological advancement and consumption transformation.

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The global currency status of the dollar can be further divided into: global reserve currency, global transaction currency, and global loan currency.

From the perspective of reserve currency, although the dollar's share as a reserve currency has declined over the past 20 years, it still holds a 60% share, maintaining an absolute advantage. The proportion of the renminbi is increasing but remains very small. Notably, the share of gold in foreign exchange reserves has been rising since around 2008.

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