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China Calls for New Global Currency

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24 Mar 09 | al Jazeera

The head of the Chinese central bank has called for a new global currency controlled by the International Monetary Fund (IMF), saying such a move would give governments particularly in the developing world the ability to manage their economies more efficiently.

In an online essay Zhou Xiaochuan, governor of the People’s Bank of China, said the global financial crisis had exposed the danger of relying on one nation’s currency for international payments.

The essay, released on the bank’s website late on Monday, did not mention the US dollar by name, but the vast majority of international finance is carried out in dollars.

The comments come ahead of a major meeting of leaders from the Group of 20 major economies in London which will focus on measures to alleviate the global economic crisis. >>>

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Written by Editors

24 March 2009 at 2:00 am

Posted in G-20, Global

Tagged with , , , ,

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