, the progenitor of the petrodollar.<\/span><\/p>\nSo, needless to say, the petrodollar\u2019s preeminence is being tested. Now, it\u2019s important to note that this is not de-dollarization per se. The dollar reserve standard regards the currencies world governments hold, not the currencies they trade in. Still, the latter moving away from the dollar bodes poorly for the dollar to remain the world\u2019s hegemon.<\/span><\/p>\nAnd that is what is happening, although at a very slow and steady rate. Over the first 23 years of this century, we have seen\u00a0<\/span>a notable decline<\/span><\/a>\u00a0in the dollar\u2019s reserve currency status, falling from 71% to under 60%.<\/span><\/p>\n