Singapore Central Bank Chief Says US Dollar Assets Irreplaceable

Dollar-based assets have “enduring advantages” and remain virtually irreplaceable in the global financial system despite the US losing its top triple-A credit rating, according to Singapore’s central bank chief.

“They are the dominant, safe assets for use in the financial system, deeply embedded,” Monetary Authority of Singapore Managing Director Chia Der Jiun said at the Qatar Economic Forum on Tuesday. “The $28-trillion Treasury market is fundamental and systemic to the global financial system and there is no alternative for this point.”