MANILA - The US dollar will be the "most important key currency for the foreseeable future" even as China pushes for the internationalization of the yuan, the head of the Asian Development Bank said Thursday.
The dollar is backed by the strength of the US economy, Nakao told reporters. He was asked to comment on Beijing's efforts to promote international use of the Chinese currency.
"International use of currency, including the renminbi (yuan) depends on the market players. If it is used in lending in renminbi that's fine. It's good to have some currency which is usable in addition to the dollar," he said.
He added: "Dollar will be the most important key currency for the foreseeable future."