China calls for new global currency

BEIJING – China is calling for a new global currency to replace the dominant dollar, showing a growing assertiveness on revamping the world economy ahead of next week's London summit on the financial crisis.

The surprise proposal by Beijing's central bank governor reflects unease about its vast holdings of U.S. government bonds and adds to Chinese pressure to overhaul a global financial system dominated by the dollar and Western governments. Both the United States and the European Union brushed off the idea.

news.yahoo.com...

[edit on 24-3-2009 by Dark Jester]

[edit on 24-3-2009 by Dark Jester]

reply to post by Dark Jester


I don't blame them. If I had my wealth tied up in USD, I'd be trying to ditch it before it's only worth the paper it's printed on. The worlds been dealing in USD for far too long... It's only serving to exasperate the current crisis.

IRM