Brad Setser points out that India doesn't peg to the dollar as much as China; India's forex reserves are falling, (this is me: while China's forex reserves are probably rising).
So we need to understand that the only really significant support for the US dollar's status as a central bank reserve currency comes from China, among state actors.
I think there is some risk that the US dollar can in the medium term lose its status as a central bank forex reserve currency.
Interesting readings - *Bonds markets are not different* on Jayanth Varma's blog, 18 September 2017. How we achieve this in India. *Jaypee: consumer angle in IBC play* by Aparna...
22 hours ago