Skip to content
Subscriber Only
Opinion
Robert Burgess

Dollar’s ‘Exorbitant Privilege’ Takes Another Blow

Donald Trump’s refrain may be “America First,” but worrisome signals suggest his policies are threatening the preeminence of the greenback. ​ 

Who’s got the greenback’s back?

Who’s got the greenback’s back?

Photographer: Scott Eells/Bloomberg

The International Monetary Fund released its quarterly report on global foreign-exchange reserves on Friday, and for dollar watchers, it sent some worrisome signals.

The report revealed that the dollar’s share of global reserves fell for the sixth straight quarter to the lowest since 2013, dropping to 62.3 percent in the three months ended June 30 from 62.5 percent in the prior period. It was 65.4 percent when President Donald Trump took office in January 2017.