The High Price of Dollar Dominance

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In The Media

The High Price of Dollar Dominance

The answer to Lula’s question of who designated the U.S. dollar the global reserve currency is ironic: it was surplus countries such as Brazil and China. And despite what their leaders might say, none of them are in a hurry to upend the current system.

By Michael Pettis

Published on Jun 30, 2023

About the Author

Michael Pettis

Nonresident Senior Fellow, Carnegie China

Michael Pettis is a nonresident senior fellow at the Carnegie Endowment for International Peace. An expert on China’s economy, Pettis is professor of finance at Peking University’s Guanghua School of Management, where he specializes in Chinese financial markets.

Recent Work

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Economy Foreign Policy North America United States South America South Asia India East Asia China Russia

Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.

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