Chinese alternative proposal about US dollar supported by the United Nations

Chinese alternative proposal about US dollar supported by the United Nations

People’s Bank of China Governor Zhou Xiaochuan on the 23rd of this month promoted to set up a new international reserve currency to replace the US dollar, at present, this proposal was echoed not only by Russia, Brazil and other emerging markets, but also by the United Nations and the International Monetary Fund ( IMF) and other international organizations.

China is not the first who give the proposal, but China’s official support for this proposal, would restrict the United States who manipulate the exchange rate for their own country to seek the benefits, and restrict the possibility of some international speculation Groups to the global economic crisis .