Some, including in China, have called for a new reserve currency to replace the dollar, but there is no alternative in sight. Capital controls in China guarantee that the Renminbi (RMB) will not become a widely held reserve currency absent fundamental reforms. Russia is an economic basket case. And the political divisions within Europe make it less than ideal as a global financial center, as the European debt crisis demonstrated. Indeed, in recent years, as great power competition has grown more intense, the U.S. dollar has continued to grow stronger relative to other major currencies,
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