China being China

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Interesting if they can pull this off -- their finances are not that stable these days either. Very overextended. From the Wall Street Journal:
China Takes Aim at Dollar
China called for the creation of a new currency to eventually replace the dollar as the world's standard, proposing a sweeping overhaul of global finance that reflects developing nations' growing unhappiness with the U.S. role in the world economy.

The unusual proposal, made by central bank governor Zhou Xiaochuan in an essay released Monday in Beijing, is part of China's increasingly assertive approach to shaping the global response to the financial crisis.

Mr. Zhou's proposal comes amid preparations for a summit of the world's industrial and developing nations, the Group of 20, in London next week. At past meetings, developed nations have criticized China's economic and currency policies. This time, China is on the offensive, backed by other emerging economies such as Russia in making clear they want a global economic order less dominated by the U.S. and other wealthy nations.

However, the technical and political hurdles to implementing China's recommendation are enormous, so even if backed by other nations, the proposal is unlikely to change the dollar's role in the short term. Central banks around the world hold more U.S. dollars and dollar securities than they do assets denominated in any other individual foreign currency. Such reserves can be used to stabilize the value of the central banks' domestic currencies.
-- oink -- flap -- oink -- flap -- Remember when the EUnuchs tried to switch the price of crude from the Dollar to the EU last June 2008 without really thinking through the implications and got their pee-pee's slapped by OPEC?

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This page contains a single entry by DaveH published on March 23, 2009 7:50 PM.

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