The dollar’s steady depreciation has had little impact on the official reserves of central banks. As scholars of the
international monetary system debate whether the dollar can continue to play the dominant role in the international monetary system, actual developments in exchange relations already give reason to expect that the world’s
currency regime is changing. Recent measures taken by China to internationalize its renminbi, including several
bilateral swap agreements signed with other central banks, have reinforced other eastward trends in the world
economy