SINGAPORE (July 12): Some 75 years ago, the Bretton Woods agreement was signed, making the US dollar the world’s reserve currency. But now, there is talk of an alternative: China’s renminbi.

“The economic strength of the West is weakening,” says James Wolfensohn, a former president of the World Bank and current co-chair of the Bretton Woods committee.

In a report launched on July 4 in commemoration of the 75th anniversary of the Bretton Woods system, Wolfensohn says China – already the world’s second-largest economy – will be one of the emerging nations that will “demand a leading position in the organisation of the international community.”

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