Which one is a better data exchange format for building web APIs : JSON or XML?

The senior architects in my company think that APIs that use XML as data interchange format are better and easy to manage. Do you think XML APIs have any real benefits today? Isn't JSON a better data interchange format? Which one according to you is better?

P.S. If you say use the right tool for the right job, I would like you to mention the areas in which each one excels.