USD news alert !
By Daniel at 6 July, 2009, 9:28 am
1 : Mainland(China) on Monday officially launched a pilot programme to allow companies to settle imports and exports in the yuan in selected areas in a major step towards internationalising the currency eventually….
2 : As the G8 summit at L’Aquila in Italy nears, China and Russia have stepped up calls for a rethink of how global currency reserves are composed and managed, underlining a power shift to emerging markets from the developed nations that bred the financial crisis.Suresh Tendulkar, an economic adviser to Indian Prime Minister Manmohan Singh, said he was urging his Government to diversify its US$264.6 billion ($407.4 billion) foreign-exchange reserves and hold fewer dollars.
3 : Finance Minister Christine Lagarde and Bank of France Governor Christian Noyer called for increased global coordination of currencies, joining a debate fanned by emerging countries.Russian President Dmitry Medvedev has repeatedly called for creation of a mix of regional reserve currencies as part of the drive to address the crisis, while questioning the dollar’s future as a global reserve currency. The People’s Bank of China, that country’s central bank, said June 26 that the International Monetary Fund should manage more of its members’ reserves.
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10582754
http://www.bloomberg.com/apps/news?pid=20601087&sid=axfXt8JrJOok
International a hot news item ,the USD as a reserve currency is slowly ending !
No comments yet.