Commodity Online
BEIJING : Reiterating China’s call for a new global reserve currency, it’s vice foreign minister He Yafei demanded more diversification of global currency system in the future.
Speaking to reporters here he said, China hopes for diversification of the international currency system in the future, and this topic could be addressed at the Group of Eight leaders' summit next week in Italy.
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Chinese President Hu Jintao is scheduled to attend the G8 summit from July 8 to 10.
In March, People's Bank of China Gov. Zhou Xiaochuan proposed the creation a new international reserve currency. Zhou suggested that the IMF's Special Drawing Right should be given a greater role.
The SDR is an international reserve asset, created by the International Monetary Fund in 1969 to support the Bretton Woods fixed exchange-rate system. Its value is based on a basket of key international currencies.
