Consider first the claim that the dollar’s status as a reserve currency protects it, because governments around the world need to hold dollars as foreign exchange reserves. The problem is that foreign holdings of dollar securities are no longer primarily “foreign exchange reserves” in the traditional sense.
先说第一个理由：储备货币地位可以保护美元，因为全球各国政府需要持有美元作为外汇储备。问题在于，外国持有的美元证券已不再是传统意义上的“外汇储备”。