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There is concern regarding Russia and China's efforts to establish alternative reserves and conduct transactions in currencies other than the US dollar. The US dollar remains the dominant and preferred reserve currency globally due to the strength of American democratic institutions, liquid markets, and the rule of law. Additionally, the dollar's stability over time has solidified its position in international commerce. Although other countries may attempt to promote their currencies, the unique advantages of the US dollar make it the most widely accepted currency in global trade.
