China's calls to reform the global financial and currency systems were heard by IMF leaders. IMF President, Dominique Strauss-Kahn, said China's suggestion for a new reserve currency is "reasonable", and the financial crisis has stimulated people's interest in this topic. But he did not agree that the US dollar has lost its leading role in the global economy.
Meanwhile, an advisory body for financial and economic reforms under the United Nations urged world leaders to give urgent attention to create a new global reserve system to replace the current system relying on US dollars. The advisory body said the current system has led to trade imbalance, and US mounting debt has broken market confidence and stability.
China's suggestion is also echoed by some developing countries. Brazilian President Luiz Lula da Silva said the discussion to reform world currency is acceptable, adding that all new-emerging market economies should agree to set up a new global reserve currency.
Zhou Xiaochuan, President of China's central Bank, said, "create an international reserve currency that is disconnected from individual nations and is able to remain stable in the long run."
"the ongoing financial crisis is a testimony to the inherent deficiencies of current monetary system of the world"
"the new currency would let governments manage their economies more efficiently"
"the new currency based on shares in the IMF held by its 185 member nations, known as special drawing rights"
Wang Qishan, Chinese Vice Premier, said, "let developing countries have more say in global financial regulation"
"readjusting the governance of international financial institutions and increasing the representation and voices of developing countries."
Xie Xuren, Chinese Finance Minister, said, "diversify international currencies and improve regulations"
IMF President Dominique Strauss-Kahn said, "China's suggestion for a new reserve currency is "reasonable""
"to create a new global reserve system to replace the current system relying on US dollars."
"the current system has led to trade imbalance, & US' mounting debt has broken market confidence and stability."
Luiz Lula Da Silva, Brazilian President, said, "all new-emerging market economies should agree to set up a new global reserve currency"
(CCTV March 30, 2009)
