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China's yuan likely to become Asia's central currency: Kenneth Rogoff

Fifty years after Nixon shock, US risks overconfidence, Harvard professor says

Harvard University economics professor Kenneth Rogoff predicts that Asia eventually would coalesce around the yuan if China ceased to stabilize the currency's exchange rate based on the U.S. dollar. (Photo courtesy of the International Monetary Fund) 

BOSTON, U.S. -- At a secret gathering at Camp David in the summer of 1971, U.S. President Richard Nixon and his top economic advisers made the historic decision to suspend the dollar's convertibility into gold, unilaterally changing the global monetary system.

Fifty years after the event dubbed the "Nixon shock," the U.S. dollar still retains its status as the world's key currency. But will this last for the foreseeable future?

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