摘要：NOT A FEW OBSERVERS HAVE ASSERTED that the dollar¡¯s
prospects as a reserve currency have been dimmed by the crisis
of 2007-2009. The crisis has diminished the attractiveness
of the United States as a supplier of high-quality financial
assets, but at the same time has ensured that the U.S. will
be issuing vast quantities of public debt for the foreseeable
future. Together these trends in supply and demand imply a
weaker dollar. The resulting capital losses on central banks¡¯
outstanding dollar reserves will in due course cause them to
consider alternatives.
