Showing posts from March 27, 2009

China is Dumping The Dollar 26 Mar 2009

Days before the G20 financial summit in London, Zhou Xiaochuan, the governor of the People's Bank of China, called for a new currency to eventually replace the US dollar.

The dollar, which was made the reserve currency after World War II, has come under increased pressure of late.

Barak Obama, the US president, cast doubt upon calls by senior Chinese authorities for the creation of a new global currency to replace the dollar as the standard bearer for the world.

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