The dollar sits atop a global monetary order shaken by sanctions
對俄製裁撼動全球貨幣秩序

The writer is global head of the official institutions group at BlackRock and a former IMF officialDays after Russian troops invaded Ukraine, the G7 and a host of allies in Europe and Asia declared a freeze on the assets of the Central Bank of Russia. The move, unprecedented in its swiftness and scale, instantly incapacitated roughly half of its $630bn in international reserves. Up to this point, central bank reserves had only been frozen multilaterally after abrupt regime change — think of the Bolshevik and Chinese revolutions, or more recently Hugo Chávez’s Venezuela.