Robert 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. Looking forward there will increasingly be other options to the dollar."
He emphasized that 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.
"The dollar would remain a major currency, but the greenback's fortunes will depend heavily on US choices on issues such as reducing its debt and trimming its budget deficit," he said.
"We are likely to see this shift in the world of investment as well. For the first time this month China issued sovereign bonds to offshore investors in yuan," 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," he added.