Far Eastern Economic Review, 7 Jul 2009, Ulrich Volz
In recent months, Chinese authorities have repeatedly called for a new global monetary order that depends less on the U.S. dollar. In March, for instance, Chinese Premier Wen Jiabao expressed concern about the value of China’s large holdings of U.S. assets and demanded that the U.S. government take measures to guarantee its “good credit.”
Also in March, just before the London G-20 Summit, the People’s Bank of China (PBOC), published a paper by Zhou Xiaochuan, the PBOC governor, on its Web site in which he asked for a new “super-sovereign” international reserve currency “that is disconnected from individual nations” to secure global financial stability and facilitate world economic growth.
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