Friday, June 26, 2009 China Calling For World Currency. <http://thecomingdepression.blogspot.com/2009/06/china-calling-for-world-currency-wheat.html> China's central bank has reiterated its call for a new reserve currency to replace the US dollar.
The report from the People's Bank of China (PBOC) said a "super-sovereign" currency should take its place. Central bank chief Zhou Xiaochuan has loudly led calls for the dollar to be replaced during the financial crisis. The bank report called for more regulation of the countries that issue currencies that underpin the global financial system. "An international monetary system dominated by a single sovereign currency has intensified the concentration of risk and the spread of the crisis," the Chinese central bank said. The dollar fell after the report was released. The US currencydropped 1% against the euro to $1.4088, and declined 0.8% versus the British pound to $1.6848. SDRs Mr Zhou caused a stir earlier this year when he said the dollar could eventually be replaced as the world's main reserve currency by the Special Drawing Right (SDR), which was created as a unit of account by the IMF in 1969.
