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The U.S. dollar is still king of global currencies. The dollar made up 60.9 percent of foreign exchange reserves and was used in 42.1 percent of global payments. Some countries, though, contest how much influence the U.S. dollar really has.
The term “exorbitant privilege,” coined by former French Finance Minister and later President Valery Giscard d’Estaing, refers to the benefits the U.S. receives as a result of its currency being the chosen reserve currency of the world. The term also reflects the discomfort some nations feel toward this financial favor.
What other options does the world have? Luckily, we have a chart.