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28.03.2009 US & Canada

In search of a new international currency?

By Afrik.com
China wants a "stable International reserve currencyā€¯, given the instability of the U.S. economy which has affected the dollar. According to Zhou Xiaochuan, Governor of the Bank Central China, that currency already exists. "We should especially consider how to give a greater role to the SDR (Special Drawing Rights) "He indicated in an essay published on the 23rd of March. The value of SDRs is determined by a host of currencies, which make up the gold and dollar reserves held by the International Monetary Fund (IMF), reports The Journal of Finance. The IMF, meanwhile, is seriously studying the possibility but the United States firmly opposes any reforms that would jeopardise the funding of its economy. (Friday 27 March - 13:48)
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