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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Skeeter Bug who wrote (193094)	3/25/2009 8:30:16 AM
From: DebtBomb	Respond to of 306849

China not fooling in call for review of dollar's status HONG KONG (MarketWatch) -- China's calls for a new international reserve currency to replace the U.S. dollar are more than mere bluster and could likely lead the debate over the future of the global foreign-exchange system, analysts say. "By proposing such a sweeping reform, China is demonstrating its growing influence in reshaping the global monetary system, and is now on offensive in the debate of who is responsible for the global imbalances," Deutsche Bank's chief economist for Greater China Jun Ma said in a note to clients Wednesday. The comments by People's Bank of China Gov. Zhou Xiaochuan are setting a framework for talks on how to resolve the huge trade imbalances between China and the U.S., analysts said. In the past, China has been blamed for its large trade surplus by officials in the U.S. and elsewhere, who see the yuan as undervalued. "China has effectively set the agenda for the G20 leaders' summit," wrote SocGen economists in a note Tuesday, referring to next week's meeting of finance chiefs from the Group of 20 leading economies in London. In an essay published on the central bank's Web site Monday, Zhou proposed the creation a new international reserve currency, a call rejected by U.S. officials Tuesday. See full story on Zhou's statement and U.S. reaction. marketwatch.com