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The most effective weapon in America’s tussle with strategic and economic competitors may be 100 U.S. cents.

Countries like Russia and China chafe at the dollar’s dominance, but there’s little they can do other than posture and make relatively benign adjustments to their monetary arrangements. Russian President Vladimir Putin acknowledged as much recently, telling journalists that “we don’t want to do away with it, because it’s a universal currency.” China’s campaign to internationalize the yuan, which received backing from the International Monetary Fund in 2016, is going nowhere fast.

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