(1) Dollar circulation mechanism Let’s start with the circulation mechanism of the global US dollar. Specifically, if the US dollar maintains its status as the global central currency, then other countries will inevitably need to hoard US dollars. Regardless of the need to maintain economic and financial security, or from the perspective of economic development, many countries are likely to have trade surpluses or current account surpluses with the United States in the end. Conversely, if other
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