The dollar "doesn't have quite the pull it used to," Paul Gruenwald, S&P's chief economist, said at a conference hosted by the ratings firm in London.Gruenwald pointed to a number of examples where countries were now circumventing the dollar: "We've got other things happening outside of the dollar world".
He cited the rise in trade done in China's yuan and the cheap financing offered by China-headquartered development banks such as the Asia Infrastructure Investment Bank and the New Development Bank, formerly known as the BRICs bank. "The U.S. will continue to be a leading world currency, it will no longer be the dominant world currency," Gruenwald said.
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