Reserve currency status is not the same thing as sovereign control over its circulation. Once rivals can process your currency through offshore hubs, internal ledgers, and less visible domestic rails, monetary order starts to separate from monetary supervision.
Good one Jess
Indeed, we use lots of dollars. But to pass Hormuz, pay RMB. https://igreaterchina.substack.com/p/the-fiscal-architecture-of-chinese?utm_campaign=post-expanded-share&utm_medium=web
Reserve currency status is not the same thing as sovereign control over its circulation. Once rivals can process your currency through offshore hubs, internal ledgers, and less visible domestic rails, monetary order starts to separate from monetary supervision.