Saturday, June 27, 2009

Should the USD be replaced by an international currency?

China's central bank has reiterated its call for a new reserve currency to replace the US dollar.

The head of the Central bank of China Mr. Zhou Xiaochuan has led calls for the US Dollar to be replaced consider an alternative benchmark currency, divorced from sovereign states, for international debt, reserves and other international economic-financial "affairs". The Russian President, Mr. Dmitry Medvedev has also supported this view, but not as an immediate decision.

Notably, the Chinese central bank's recent report calls for more regulation of the countries that issue currencies that underpin the global financial system.

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