Text Ticker: China calls for new global currency
Seems like a pretty good idea to me:
China is calling for a new global currency controlled by the International Monetary Fund, stepping up pressure ahead of a London summit of global leaders for changes to a financial system dominated by the U.S. dollar and Western governments.
The comments, in an essay by the Chinese central bank governor released late Monday, reflect Beijing’s growing assertiveness in economic affairs. China is expected to press for developing countries to have a bigger say in finance when leaders of the Group of 20 major economies meet April 2 in London to discuss the global crisis.
Gov. Zhou Xiaochuan’s essay did not mention the dollar by name but said the crisis showed the dangers of relying on one nation’s currency for international payments. In an unusual step, the essay was published in both Chinese and English, making clear it was meant for an international audience.
Is there really any justification left for relying on the dollar anymore? [go!]
