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US Vigilant of China’s Challenge to US Dollar

Global Times, under Chinese state daily news, Renmin, reported from New York that the United States responded strongly against China’s call for a new international reserve currency to replace US dollar.

The report referred to an AFP article which quoted President Obama as stating that the“US dollar is extraordinarily strong” on March 24.
Earlier, US Fed Chairman Ben Bernanke and Treasury Secretary Tim Geithner both agreed that they’ll “unconditionally” refuse the switch to an international currency. The Wall Street Journal reported the story in an article entitled :“China Points the Finger at US Dollar”. The New York Times believes that this demonstrates China’s worry about the safety of its assets in US dollars as well as China’s intent to use this as a playing card in the G20 Summit.

Source: Renmin/Global Times, March 25, 2009