Euro's global role slips in multipolar system

Frankfurt

THE global use of the euro declined slightly in 2015 and early 2016 as China's yuan started to take a larger role in reserves and trade in an international monetary system that is becoming more multipolar.

"The euro remained the second-most important currency in the international monetary system, but with a significant gap to the US dollar," European Central Bank president Mario Draghi wrote in the foreword of a report on the international role of the single currency published on Wednesday. "The international role of the euro is primarily determined by market force…