China Backs the U.S. Dollar as the World's Big Currency

Big Trouble in Little China, well, not really, Chinese Vice Foreign Minister He Yafei said on Sunday the U.S. dollar would continue to be the world's leading reserve currency for years to come. Great news for Jack Burton and Company, Yafei said -- 
"The U.S. dollar is still the most important and major reserve currency of the day, and we believe that that situation will continue for many years to come."

The vice minister said Chinese officials had voiced concern about the safety of the country's dollar-denominated assets. "That is natural," he said.

He said many other countries over the years had been calling for the stability of the U.S. dollar. "We appreciate the efforts made by the U.S. government in that direction," he said, adding that it was the responsibility of the government issuing the reserve currency to maintain its stability.

He said discussion about reserve currencies had intensified since the outbreak of the global financial crisis, which he said had revealed "many shortcomings in the international monetary system".

However, he described this as an intellectual debate.

"You may have heard comments, opinions from academic circles about the idea of establishing a super sovereign currency. This is all, I believe, now a discussion among academics. It is not the position of the Chinese government."

SOURCE: http://www.reuters.com/article/marketsNews/idUSL570633320090705

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