Moody's: US dollar to remain a dominant global reserve for foreseeable future

The US dollar will likely remain a dominant global reserve currency foreseeable future, despite the rise of alternatives like the Chinese renminbi, according to ratings agency Moody's. 

Key quotes (Source: Reuters)

• The future demand for the EUR will depend on the strength of its institutions and risk mitigation mechanisms.
• It will likely be several decades before the global status of the US dollar is challenged by any currency.
• Increased linkages between China and other countries will heighten the use of Renminbi as a medium of exchange.
• A broader opening of China's capital account would require restructuring of China's financial system.
• The status of the pound as a reserve currency is based on inherited position from the pre-Bretton woods colonial era, not representative of the current market view.