While the dollar's share of foreign exchange reserves has fallen to a 20-year low, the decline has been gradual and the dollar remains the primary currency in global trade and invoicing.

Additionally, the complexity of the global financial system makes it unlikely for other currencies to replace the dollar completely, but a fragmented future with multiple currencies could emerge.

The US dollar is considered a safe haven for investors and its status is underpinned by the $23 trillion US Treasury market.

This market is considered safe due to its depth, liquidity, and stability.

Germany's bond market is relatively small and there are no credible alternatives to the Treasury market yet.

International holdings of Treasuries are vast and it is easy to trade them from anywhere.

However, trading Chinese government bonds is more difficult due to regulatory uncertainty.

This makes the dollar a leading reserve currency.