Tuesday, 24 March 2009

China tables proposal for G20 to consider a replacement for the US Dollar as reserve currency

According to the Wall Street Journal report the head of the Chinese central bank is tabling a document for discussion at next week's G20 meeting in London to examine the possibilities of replacing the US Dollar as the world's reserve currency.
The idea also has support from the Russians according to the article.

This may turn out to be just high concept academic waffle but if the idea gains traction it could be really unsettling for Tim Geithner, Ben Bernanke et al.

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