China calls for reform of global monetary system
Date Published: 04/26/2009
Agence France Presse via Google News, April 26, 2009
On Sunday, China called for reform of the dollar dominated currency system which it has contended is the root cause of the global financial crisis. At the IMF/World Bank Development Committee meeting in Washington, Chinese Vice Finance Minister Li Yong maintained that a "flawed international monetary system is the institutional root cause of the crisis and a major defect in the current international economic governance structure" and asserted that the international community "should improve the regulatory mechanism for reserve currency issuance, maintain the relative stability of exchange rates of major reserve currencies and promote a diverse and sound international currency system." -posted by Lelise Gobena
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