Core Viewpoint - The recent interest rate cuts by the Federal Reserve have led to significant volatility in the U.S. stock market, highlighting the dominance of the U.S. dollar in the global economic landscape [1][5][9]. Group 1: U.S. Dollar Dominance - The U.S. dollar maintains a commanding position in global payments, accounting for 49.07% of the market, far ahead of the euro at 21.58% and the Chinese yuan at 4.69% [3][11][14]. - The historical roots of the dollar's dominance can be traced back to World War II, when the U.S. established a strong financial position by accumulating gold and later linking the dollar to oil [7][9]. - The U.S. government benefits from the dollar's status, allowing it to issue large amounts of debt and maintain fiscal deficits without facing the same risks as other countries [5][9]. Group 2: Challenges to Dollar Dominance - Many countries are actively pursuing de-dollarization to reduce reliance on the U.S. dollar, with a growing consensus on the need for a more diversified currency payment system [9][16]. - The euro, once a strong competitor to the dollar, has seen its global payment share decline due to economic challenges within the Eurozone and geopolitical tensions [11][14]. - The rise of the yuan in international payments signals a shift towards greater currency diversification, supported by China's economic growth and increased global trade partnerships [14][16].