China recently suggested the creation of a “global currency” to replace the US dollar. The US is firmly against the proposal. US President Obama told the press on the March 24 that “the US dollar is extraordinarily strong.” Primary US economic officials retorted on the same day.
Despite US rebuttal, Mr. Zhou Xiaochuan, Governor of the central bank of China, mentioned this “international reserve currency” issue again on March 25. The new members of the G20 are skeptical about the current international currency system.
The article quoted a Russian official announcement on the necessity of a G20 discussion on a new IMF international currency. The British Prime Minister was also quoted on his dismissal of such a discussion.
Source: The Chosun Ilbo, March 26, 2009