More bad news for the dollar. The head of the World Bank says the importance of American currency will continue to diminish in relation to the euro and the Chinese renminbi.
“The United States would be mistaken to take for granted the dollar’s place as the world’s predominant reserve currency,” the World Bank president, 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.”