Tuesday, March 24, 2009

China calls for new International reserve currency

Yesterday; march 23, Chinese central bank has publicly called for the world to adopt a new "reserve currency" and replace the U.S. dollar as the present reserve currency of the world with a new global system controlled by the International Monetary Fund.

A reserve currency (or anchor currency) is a currency which is held in significant quantities by many governments and institutions as part of their foreign exchange reserves. It also tends to be the international pricing currency for products traded on a global market, such as oil, gold, etc. (wikipedia)

I think there's nothing to add to this new except the "ha ha"
I've been writing enough about global economy and how the dollar is fucked up that these news are no surprise to me.

source 1
source 2

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