China has launched its highest-profile criticism of the dominant role of the US dollar as a global reserve currency at a meeting of the world’s biggest economies, the FT said. Dai Bingguo, Chinese state councillor, was unequivocal in calling for the world to diversify the reserve currency system and aim at relatively stable exchange rates among leading currencies. Analysts said Mr Dai’s comments – which follow earlier statements by the People’s Bank of China in March – appeared mostly political in nature.

This entry was posted by Stacy-Marie Ishmael on Friday, July 10th, 2009 at 4:39 and is filed under Capital markets. Tagged with china, currencies, Dollar. Edit this entry.