Economy got you down? 5 Ways America is still on top

The value of the U.S. dollar may be declining, but it remains the currency of choice for many nations. The greenback accounted for roughly 61% of global central bank reserves during the first three months of 2011, according to the International Monetary Fund. The euro, which has been under attack amid Europe's ongoing debt crisis, ranks second with a 27.8% share.

The financial crisis has weakened foreign investors' faith in the U.S. dollar. And if there is to be a rival to the mighty greenback in this century, some analysts think it would surely be the Chinese renminbi given China's economic and trade power.

Even though the United Nations has urged central banks around the world to diversify their reserves away from the mighty greenback, the U.S. dollar continues to be favored by central bankers across the globe.

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