» 03/31/2011, 00.00
ASIA – G20
Sarkozy in favour of an international currency of reference
Ahead of the G20 finance minister summit in Nanjing scheduled for today, the French president proposes to boost the capacity of the International Monetary Fund to supervise currency markets. He also wants Special Drawing Rights to become the currency of reference. Both the US and China are none too pleased.
21/09/2010 UNITED STATES – CHINA
Obama on the attack on the yuan, which makes gains
According to the US president, Beijing said it would revalue its currency but has not done everything it said it would do. As a result of the criticism, yuan gains 0.1 per cent against the US dollar.
20/11/2009 CHINA – UNITED STATES
US Congress threatens sanctions over China’s yuan
After Obama’s requests and the silence of China’s leaders, there is no sign that war over the value of the yuan is over. For some economists, Beijing’s monetary policy is helping the US contain inflation whilst making it easier for the world to pull itself out of the current crisis. For others, it is destroying the manufacturing capacity of the rest of the world whilst enslaving much of China’s population.
20/11/2007 CHINA – UNITED STATES
Beijing worried about weak dollar eroding value of its reserves
Premier Wen Jiabao is open to diversifying China’s foreign currency reserves, but US dollar remains the basis, also to prevent a loss of competitiveness of Chinese exports.
11/11/2011 CHINA – UNITED STATES
Asia must “do more” for global recovery
At the opening of the APEC summit, US Treasury Secretary Tim Geithner said member states must do more to boost demand and improve currency exchanges. For China, this is “too ambitious” as well as a potential problem for the Asian juggernaut. Clinton appeals to Beijing to improve human rights at home.
At G8 Summit China pushing for an alternative to US dollar
Chinese President Hu Jintao will propose the adoption of several currencies of reference. Experts note however Beijing does not want immediate changes because some US$ 1.5 trillion of its total foreign reserves are in dollars.
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