China to G8: Diversify monetary system

Italy: China called on the group of most industrialized (G8) and the emerging countries to establish a more diversified and reasonable monetary system.

During the second day of the G8 Summit on Thursday, Chinese State Adviser Dai Bingguo said that the monetary reserve regime needs to be strengthened to keep exchange rate stability.

China has openly expressed distrust of assets in dollars and therefore proposed the creation of a new international reserve currency to replace the IMF-supported dollar.

However, this suggestion, opposed by the US, has not been mentioned in the meeting of G8 and emerging countries in the Italian city of L Aquila.

In March this year, IMF Managing Director Dominique Strauss-Kahn described as legitimate the proposals about a new international reserve currency and considered a debate about it likely to take place in the next few months. Rome, Prensa Latina