World Bank Chief: Dollar's Role Diminishing

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The president of the World Bank warned Monday that the U.S. dollar may not always be the main currency for international trade.

"The United States would be mistaken to take for granted the dollar's place as the world's predominant reserve currency," Robert B. Zoellick said in a speech at the School for Advanced International Studies at Johns Hopkins. 

"Looking forward, there will increasingly be other options to the dollar."

Zoellick says the dollar will remain a major currency, but added that the euro and China's currency could become more popular in the international currency markets.
    
He warned the dollar's outlook will depend heavily on U.S. decisions on key issues, such as reducing its debt and cutting the huge federal deficit.

Source: The New York Times

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