How valuable is the exorbitant privilege? The ratings downgrade of US sovereign debt has not erased the dollar’s special position – as the numeraire of international transactions, the currency of choice for storing trade surpluses and the instinctive home for money in troubled times. But it is a forceful reminder that the special status could some day be lost.
美元的「過分特權」有多大價值？美國主權債務信用遭降級，並未扼殺美元的特殊地位——作爲國際交易的計價單位，作爲儲存貿易盈餘的首選貨幣，作爲局勢艱難時本能的資金避風港。但評級下調是一個強有力的提醒：美元可能在未來某個時候失去這種特殊地位。
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