Dollar to remain top currency: German minister
The US dollar will remain the world's top currency after the financial crisis is over, but the euro and the Chinese yuan will gain in importance, Germany's finance minister said on Thursday.business Updated: Jul 23, 2009 15:51 IST
The US dollar will remain the world's top currency after the financial crisis is over, but the euro and the Chinese yuan will gain in importance, Germany's finance minister said on Thursday.
In an interview with Manager magazine to appear on Friday, Peer Steinbrueck was asked if the US dollar would retain its position as the world's reserve currency after the dust has settled on the worst economic crisis since the Great Depression.
"That is the 10,000 dollar question," Steinbrueck quipped. "I would say: yes, but the yuan and the euro will also gain in relative significance," the minister added.
In the build up to the Group of Eight (G8) summit in the Italian city of L'Aquila, China and Russia called for an end to the dominance of the dollar as the world's top currency.
The Chinese central bank has called for the introduction of a new global currency to replace the dollar at the top of the currency tree, but such proposals have been broadly dismissed as premature.
Roughly two thirds of the world's currency reserves are held in dollars, followed by the euro, which accounts for about a quarter.