The hierarchy of major pairs has shifted with geopolitical and economic tides. Before the euro's launch in 1999, DEM/USD and FRF/USD were major pairs. The yen's rise in the 1980s cemented USD/JPY. The Swiss franc's safe-haven status traces to post-WWII neutrality and banking secrecy. Today, USD/CNY's growing institutional volume mirrors China's economic ascent, yet retail conventions still exclude it from the 'major seven' — a lag between market reality and educational canon.