Also published at: The World Financial Review, July-August 2014 as "The Rise of the Petroyuan and the Slow Erosion of Dollar Hegemony."
This article provides a brief history of U.S. dollar hegemony, how and why it developed and some factors currently acting against it. Some books I'm looking forward to reading on this topic include:
- Michael Pettis, The Great Rebalancing: Trade, Conflict, and the Perilous Road Ahead for the World Economy, Princeton University Press, 2013.
(Publisher; Amazon.com.) - Barry Eichengreen, Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System, Oxford University Press, 2011.
(Publisher; Amazon.com.) - James Rickards, Currency Wars: The Making of the Next Global Crisis, Portfolio / Penguin Group, 2011.
(Publisher; Amazon.com.) - Steven S. Cohen and J. Bradford DeLong, The End of Influence: What Happens When Other Countries Have the Money, Basic Books, 2010.
(Publisher; Amazon.com.) - William R. Clark, Petrodollar Warfare: Oil, Iraq and the Future of the Dollar, New Society Publishers, 2005.
(Publisher; Amazon.com.)