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Tuesday, October 20, 2026Updated 12:05 UTC

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The China Price

Source: Foreign Affairs · Oct 20, 2026 04:00 UTC

Wall Street in New York's Financial District with flags hanging from buildings — File photo Carol M. Highsmith / Library of Congress · Public domain · Source

The Quick Take

In 1971, as the international monetary system was on the brink of collapse, U.S. Treasury Secretary John Connally told a group of worried European finance ministers that the dollar was “our currency, but your problem.” The dollar had become that system’s official reserve currency in 1944, under the Bretton Woods agreement, making signatories subject to the whims of U.S. monetary policy. Even after

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