Singapore central bank governor: Dollar assets are irreplaceable in the global financial system.

The Governor of the Singapore Central Bank said that despite the loss of the highest AAA credit rating by the United States, US dollar-denominated assets still have a "lasting advantage" and are almost irreplaceable in the global financial system. "US dollar assets still dominate the financial system as safe assets, deeply rooted," said Chia Der Jiun, director of the Monetary Authority of Singapore, at the Qatar Economic Forum on Tuesday. "The $28 trillion US Treasury market is the cornerstone and systemic element of the global financial system, with no alternative options at this point."