One of the few calamities that have not befallen the world economy during the past two years is a dollar crash. During the bubble era that preceded it, many fretted that foreigners, tiring of America’s gaping external deficits, would send the greenback slumping and interest rates soaring. In fact, the opposite occurred. The crisis began within America, and the deeper it became, the more the dollar strengthened as fearful investors sought safety in Treasury bills.That history is worth bearing in mind when assessing the latest bout of fretfulness about the dollar’s future. For the past six months the greenback has been sinking steadily, hitting a 14-month low against a basket of leading currencies and $1.50 to the euro this week. Coupled with the extraordinary looseness of American policy, the weak dollar has also revived fears of a currency crash. With the budget deficit in double digits and the Federal Reserve’s balance-sheet swollen, dollar bears are once again forecasting that the slide could become a rout and spell the end of America’s status as the world’s reserve currency.This dollar declinism is overblown. It exaggerates the scale of the slide and misunderstands its cause. Much of the recent weakness simply reverses the earlier safe-haven flight to dollars, a sign of investors’ optimism about riskier assets rather than their fears about America’s currency. On a trade-weighted basis the dollar today is close to where it was before Lehman failed. Yields on Treasuries have not risen and spreads on riskier dollar assets continue to shrink. If investors were growing leerier of dollars, the opposite should have occurred. Furthermore, America’s recovery will be slower than that of other economies, especially emerging ones. That suggests America’s monetary policy will stay looser for longer, pushing the dollar down. A weaker dollar should also assist global economic rebalancing by helping to reorient America’s economy towards exports. So in general, it should help rather than hinder the global recovery.That does not mean the worriers’ fears are baseless. Three dangers remain. First, the dollar’s decline is distorted. The world’s most buoyant big economy, China, has kept its currency tied firmly to the greenback. This is stymieing the adjustment of China’s economy, fuelling dangerous domestic asset bubbles and placing an unnecessary burden on other, more flexible currencies. Second, America’s fiscal and monetary policies are unsustainable. The public-debt burden is set to double and, on today’s policies, will still be rising in a decade’s time. Third, the financial crisis has accelerated the relative shift of economic heft away from America—which will hasten the eventual erosion of the dollar’s dominance. Even so, this is unlikely to provoke a sudden crisis. Although America’s fiscal mess will last for years, it is not acute. Inflation will not soar suddenly. The dollar will not quickly lose its reserve-currency status and a dangerous collapse in the greenback is unlikely. All of the followings are the dangers associated with the sinking U.S. dollar EXCEPT（）

A. it may hinder China’s adjustment of economic structure.
B. it may increase America’s government-debt burden.
C. it may affect the dollar’s dominant role in the world economy.
D. it may worsen the inflation.