This reflects the fact that the market in dollar-denominated assets is exceptionally deep and liquid, which limits transaction costs. In other words, European practice reflects the dollar’s “exorbitant privilege” as the only true global currency, freely accepted by currency traders and investors in China and around the world.
在实践中，当欧洲人想要中国货币时，他们会用欧元和英镑买入美元，然后再用美元买入人民币。这反映出一个事实，即美元计价资产市场具有相当的深度和流动性，从而能够限制交易成本。换句话说，欧洲人的实践行为反映出美元作为唯一真正全球货币、被中国和全世界货币交易这和投资者无条件接受的“过度特权”。