Sunday, March 29, 2009

China questions the US dollars role in World Economy

Days before the G20 financial summit in London, Zhou Xiaochuan, the governor of the People's Bank of China, called for a new currency to eventually replace the US dollar.

The dollar, which was made the reserve currency after World War II, has come under increased pressure of late.

Barack Obama, the US president, cast doubt upon calls by senior Chinese authorities for the creation of a new global currency to replace the dollar as the standard bearer for the world.

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