Richard Yetsenga, head of global markets research, ANZ:
Corporate treasurers are already preparing for a less US dollar-centric currency world. While Washington’s dysfunction hardly suggests such preparation is unnecessary, the reality is that the forces in play are much longer lived. In fact for the dollar, there is a tussle between what present trends suggest about the future, and history. History has the dollar as the only reserve currency; incumbency is one of the most powerful arguments in favour of it. Present trends, conversely, suggest that in the future it will simply be one of a small group of reserve currencies.