Years from now, when your grandchild asks, "When did the United States become a second rate power?" you can relply, "It started when Bush was elected, but it became official on June 27, 2006"BEIJING (Reuters)
- Countries around the world should gradually rely less on the dollar for trade and their foreign exchange reserves, a Chinese central bank official said in comments that pushed the dollar down against the yen.
Analysts say China has been gradually diversifying away from dollar assets in its foreign exchange reserves, the world's largest, but fears of a collapse in the U.S. currency will prevent it from making any dramatic shift.
"Internationally speaking, the situation of over-reliance on a certain country's currency for international trade, settlements and reserve assets should be gradually changed," Wu Xiaoling, deputy governor of the People's Bank of China, said in remarks reported by the official Financial News on Tuesday.