China's president Hu: Dollar-Based System 'Product of the Past'‎

China's president Hu: Dollar-Based System 'Product of the Past'‎

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BEIJING—Chinese President Hu Jintao emphasized the need for cooperation with the U.S. in areas from new energy to space ahead of his visit to Washington this week, but he called the present U.S. dollar-dominated currency system a "product of the past" and highlighted moves to turn the yuan into a global currency.

"We both stand to gain from a sound China-U.S. relationship, and lose from confrontation," Hu said in written answers to questions from The Wall Street Journal and the Washington Post.

Hu acknowledged "some differences and sensitive issues between us," but his tone was g

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Well here we have China coming out officially saying the dollar is dead. These times of economic crisis may be a good thing. If the yuan is made worth more then the cheap China's goods will go away. The cost of China's goods will be no better then if we just made the products in the good old USA.. If this can bring good jobs back to the people of America then I am all for it. I do not see this as a gloom situation. We can be the great country we have been again. The Chinese have not won yet. If they revalue their currency that will be great, the Dollar might not be the worlds used currency but China wont be able to have a monopoly on making everything. We do need the jobs back here.. If this does that, then good. What do you think good or bad?

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