Moody's: The US dollar will remain the dominant global reserve currency for the foreseeable future
The US dollar will remain the dominant global reserve currency for the foreseeable future, despite gradual progress of alternatives such as the Chinese renminbi, and will continue to play an important role in Moody's credit view of the United States, Moody's Investors Service said in a report today, Business News Americas reports.
The report, "Sovereigns - Global: Currency composition of foreign reserves continues to change only gradually, with any major shifts likely years away", is available on www.moodys.com. Moody's subscribers can access the report using the link at the end of this press release. The research is an update to the markets and does not constitute a rating action.
"The transparency of the US financial markets as well as the stability and predictability of US monetary policy reinforce the safe-haven legacy that the US dollar holds," said Colin Ellis, Moody's Chief Credit Officer EMEA and co-author of the report.