Washington may have averted a debt default by compromising on how to cut the US budget deficit, but underlying problems remain and those economic woes are driving a global search for an alternative reserve currency. Officials, from the head of the International Monetary Fund (IMF) to the Philippines finance minister, have warned that the US dollar may lose its reserve status. For China, the largest lender to the US and the world's second biggest economy, the answer is close to home. I think in the short to medium term (as US isn't doing enough to address the fundamental debt issues) dollar is bound to loose ground to currencies from other emerging economies. Especially since Euro too is in deep trouble, Yuan may also become a key currency much earlier than anticipated by many.