How valuable is the exorbitant privilege? The ratings downgrade of US sovereign debt has not erased the dollar’s special position – as the numeraire of international transactions, the currency of choice for storing trade surpluses and the instinctive home for money in troubled times. But it is a forceful reminder that the special status could some day be lost.
美元的“过分特权”有多大价值？美国主权债务信用遭降级，并未扼杀美元的特殊地位——作为国际交易的计价单位，作为储存贸易盈余的首选货币，作为局势艰难时本能的资金避风港。但评级下调是一个强有力的提醒：美元可能在未来某个时候失去这种特殊地位。
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