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(quán)”有多大價值？美國主權(quán)債務(wù)信用遭降級，并未扼殺美元的特殊地位——作為國際交易的計價單位，作為儲存貿(mào)易盈余的首選貨幣，作為局勢艱難時本能的資金避風(fēng)港。但評級下調(diào)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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