The “only way that can ever change” the supremacy of the US dollar as a global reserve currency is if there’s a genuine, “long-term alternative,” former chairman of Goldman Sachs Jim O’Neill said.

He told CNBC that China could consider expanding the role of its currency.

“Some people would say, of course, the ultimate weapon would be for China to start selling very large numbers of US bonds… but it would probably hurt, of course, the value of Chinese investments,” O’Neill said. (RT)