• An illustration of China's official app for the digital yuan. Some say that issuance of central bank digital currencies will transform the status quo and erode the dollar’s dominance. But In fact, that conclusion doesn’t follow. | REUTERS
    An illustration of China's official app for the digital yuan. Some say that issuance of central bank digital currencies will transform the status quo and erode the dollar’s dominance. But In fact, that conclusion doesn’t follow. | REUTERS
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BERKELEY, California – Aug. 13 to 15 marks the 50th anniversary of “the weekend that changed the world,” when U.S. President Richard Nixon suspended the dollar’s convertibility into gold at a fixed price and rung down the curtain on the Bretton Woods international monetary system.

The subsequent half-century brought many surprises. From a monetary standpoint, one of the greatest was the dollar’s continued dominance as a vehicle for cross-border transactions.

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