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Dollar will be main reserve currency for long time to come

Posted on 15 October 2013

A European Central Bank official said Monday that the dollar is and will remain the world’s top reserve currency for some time to come, although its importance will likely decline over time. When it comes to the U.S. dollar, “there are no markets with this degree of liquidity,” said Ewald Nowotny, Austrian central bank governor, in an address given at Columbia University in New York.
That said, Mr. Nowotny said that over time, the dollar’s top-tier status likely will decline from challenges by the euro and even China’s currency. The official pointed to the recently announced currency-swap arrangement between the ECB, where he serves on the governing council, and China’s central bank as evidence of the rising importance of China’s currency………………………………………..Full Article: Source


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