An academician has predicted that the Chinese yuan will replace the US dollar as the main trading currency within the next 10 to 15 years.

China Europe International Business School dean John Quelch said the emergence of China as one of the world's major economy amid the slowdown in the western economy could foster the country's currency role as the main trading medium in the future.

Quelch said this in a session entitled "Mapping Global Growth" at the 11th Forbes Global CEO Conference in Kuala Lumpur today. He was one of the panellists at the session.

Meanwhile, Globis University president and dean Yoshito Hori forecasted that the US could recover from their current situation within five years but contrary to the Euro zone which could take up to 10 years to redeem from their current crisis condition.

Citing demographic as a factor, he said, the situation in Europe was similar to that in Japan where they are facing aging population with lack of purchasing power.

Contrary to Europe, he said, the US had an advantage from the migration of people from overseas to the country, helping to retain the number of younger population, thus maintaining its purchasing power level.

- Bernama