Chinese official says U.S. has responsibility to maintain stability of dollar
www.chinaview.cn 2009-07-06 03:38:53   Print

    ROME, July 5 (Xinhua) -- Chinese Vice Foreign Minister He Yafei said here on Sunday that the United States has the responsibility to maintain the stability of U.S. dollar, adding that the U.S. dollar would still be the most important major international reserve currency in years to come.

    He, who was accompanying Chinese President Hu Jintao to visit Italy and attend the G8 Summit, said the U.S. dollar is a major reserve currency in the settlement of the international trade, and the U.S. government has the responsibility to maintain the stability of the currency.

    Speaking at a pre-G8 summit briefing, He said many countries had called for the stability of the U.S. dollar, adding that "that's natural" for China to voice concern of "safety of assets in the United States."

    He said China appreciates the efforts of the U.S. to maintain the stability of the U.S. dollar.

    "We appreciate U.S. in that direction," he told the press.

    Recently, Russian President Dmitry Medvedev has repeatedly questioned the U.S. dollar's future as a global reserve currency, calling for creation of a supranational reserve currency.

    It was reported that Medvedev aide Sergei Prikhodko told reporters in Moscow at the weekend that "we will resume" talks on the supranational currency proposal at the G8.

    However, the Chinese vice minister said the U.S. dollar is still "the most important major international reserve currency of the day, and for years to come."

    "That's the reality," he said.

    He said creation of supranational reserve currency has been discussed "among academic circles."

    "It (creation of supranational reserve currency) is not the position of the Chinese government," he added. 

Editor: Mu Xuequan
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