SINGAPORE (Sept 10): Back in 1965, Valéry Giscard d’Estaing, then France’s Minister of Finance, famously called the benefits that the US reaped from the dollar’s role as the world’s main reserve currency an “exorbitant privilege”. The benefits are diminishing with the rise of the euro and China’s renminbi as competing reserve currencies. And now, US President Donald Trump’s misguided trade wars and anti-Iran sanctions will accelerate the move away from the dollar.

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