No replacement for US dollar: PM

Washington, Nov 23 (PTI) Praising the entrepreneurial
spirit of the American enterprise, Indian Prime Minister
Manmohan Singh has said that there can be no substitution for
the US dollar.
"As far as I can see right now there is no substitute
for the dollar," the Prime Minister said in an interview to
CNN.
Responding to questions about the economic crisis in
the United States, the Prime Minister said, "There is a
temporary setback and temporary questioning, about relevance
of the American model, but I have seen these things much
before."
Singh said even the Chinese, who holds 2.5 trillion
dollars in reserve assets, have not disposed off even a
fraction of them.
"That is a measure of the confidence that the world
has in the dollar. There are problems. There is the confidence
problem, which can be very destabilizing," he said.
"My own feeling is that the world has not entered an
era of irreversible shift in the economic strength of the
United States," he added. MORE PTI