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Geithner sees dollar’s reign lasting ‘long time’

Posted By admin On October 28, 2009 @ 4:22 am In Money Watch | Comments Disabled

AFP [1]
Wednesday, Oct 28th, 2009

US Treasury Secretary Timothy Geithner said Tuesday the dollar would keep its status as the world’s main reserve currency a “long time.”

Geithner, speaking to an investors conference in New York a day after the dollar hit a 14-month low against the euro, said: “The dollar will remain the principal reserve currency for a long time.”

The dollar has nosedived in recent months as investors turn away from the greenback, considered a safe haven amid economic uncertainty, amid a burgeoning recovery from a severe global slump.

The dollar’s status as the primary reserve currency has come under fire as it weakens, particularly from China, whose foreign exchange reserves surged to a global record of 2.27 trillion dollars at the end of September.

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