TOKYO — Depending on your vantage point, the last year has been the best or the worst of times for the US dollar.
Those on the former side of this Dickensian divide will point to new Bank for International Settlements data as showing the dollar is still on one side of 89% of currency transactions, meaning US hegemony is unstoppable. Those taking the latter side see the yuan’s share rising to 8.5% as a reason for Washington to watch its back.
The reality is complicated, given how global foreign exchange traders seem to be giving the dollar a pass on deteriorating US fundamentals.
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