Across Asia, governments are learning to live with U.S. financial dominance – without depending on it.
For decades, global order rested on a simple premise: U.S. economic and military supremacy structured the system, and others adjusted. From the Bretton Woods institutions to the post-Cold War unipolar moment, Washington stood at the center of both the global economy and its security architecture.
That model is now under strain. The United States continues to dominate the world’s financial plumbing: the dollar accounts for about 58 percent of official foreign-exchange reserves, roughly half of global trade invoicing, and more than 40 percent of cross-border deb
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