THE PHILIPPINES may be next in a growing number of countries that have lessened their use of the US dollar, which has lost its luster as the world’s most reliable currency, the central bank said.

While it may not replace the US dollar, the Chinese yuan may soon share prominence on the global stage as more countries diversify their currency holdings to shield themselves from the volatility similar to that exhibited by the greenback at the height of the subprime-mortgage-turned-global economic crisis. Read more…