Robert Zoellick, the president of the World Bank, cautioned U.S. authorities Sept. 28 against assuming the dollar would maintain its role as the world's reserve currency.

Zoellick said other currencies such as the euro and the Chinese yuan could win increasing acceptance in international currency markets.

He said the United States "would be mistaken to take for granted the dollar's place as the world's predominant currency."

China, Russia and India have indicated they want to see long-term changes in the international monetary system in the wake of the financial crisis that has pushed the world economy into its first synchronized downturn since World War II.

Zoellick, a former high-ranking U.S. government official and investment banker, spoke in advance of the World Bank's annual meeting Oct. 6-7 in Istanbul, Turkey.

He said the dollar would remain a major currency, but its "fortunes will depend heavily on U.S. choices" on issues such as reducing its debt and trimming its budget deficit.

Zoellick praised the performance of the European Central Bank, saying "there is every reason to believe the euro's acceptability could grow."

Turning to China, he said Beijing was moving toward gradual internationalization of the yuan by making it easier for its trading partners to do business in currency swaps.

"We are likely to see this shift in the world of investment as well," he said. "China recently announced foreign companies will be able to list their stocks in China, a step toward making Shanghai an international financial center."