A key Chinese financial official on Monday rejected suggestions the US dollar could be replaced quickly as the global reserve currency, as US Treasury secretary Tim Geithner arrived in China on his first official visit. In an FT interview, Guo Shuqing, chairman of China Construction Bank and former head of China’s foreign exchange administrator, raised doubts about a proposal from China’s central bank governor to replace the dollar with a “super-sovereign reserve currency” based on IMF special drawing rights, and also raised concerns about the health of western banks.

This entry was posted by Gwen Robinson on Tuesday, June 2nd, 2009 at 4:58 and is filed under Capital markets, People. Edit this entry.