US dollar: ‘Wounded hegemon’ or secure as most powerful currency on earth?

Johannesburg, South Africa – On a late November morning – two days before leaders of the world’s leading economies convened in Johannesburg for the 2025 Group of 20 summit – the governors of the South African and Chinese central banks met just 20 minutes away to inaugurate a system that many hope can help move international trade out of the shadow of dollar dominance.

At a cerem...