Commentary China is now the world’s largest manufacturing producer, the largest exporter, and the second largest economy. And yet, the dollar, not the Chinese yuan, is the global currency of choice. In fact, the dollar is the most commonly used currency for trading with China. The roles played by China and the United States in modern times have often been compared to the roles played by the United States and Britain in the first half of the 20th Century. At that time, the United States was already the largest economy and largest manufacturer, but Britain remained the leading world power, with the Pound Sterling, the world’s currency. The U.S. dollar rose to prominence toward the end of World War II with the Bretton Woods Conference, which established the International Monetary System (IMS). The inauguration of the U.S. dollar as the global currency provided the United States with a number of advantages. …