Tuesday, November 9, 2010

HOT China Central Banker: It's Absurd that Dollar Remains the Reserve Currency of the World

Li Daokui, an academic adviser to China's central bank, said it could be seen as "absurd" that the dollar remains a reserve currency after the financial crisis, reports Bloomberg.

To a visitor from outer space, it would seem "absurd" that the dollar holds that role, given problems in U.S. financial regulation and the country's economic difficulties, Li said at a forum in Beijing. The same assessment could be made of the nation's ability to keep issuing currency according to its own needs, he said.

An alternative reserve currency, gold, has just hit a new high, $1415.

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