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Wednesday, December 22, 2010

useful 411...Destroying the $ would make these requests mandatory!




Other nations, such as Russia and the People's Republic of China, central banks, and economic analysts and groups, such as the Gulf Cooperation Council, have expressed a desire to see an independent new currency replace the dollar as the reserve currency. China has proposed using the Special Drawing Rights, calculated daily from a basket of U.S. dollar, euro, Japanese yen and British pound, used by the International Monetary Fund for international payments.[12]
On 3 September 2009, UNCTAD issued a report calling for a new reserve currency based on the SDR, managed by a new global reserve bank.[13]
The Chinese yuan or renminbi (RMB) cannot be used as a reserve currency as long as the PRC maintains capital controls on the conversion of its currency.[14] The currency would not be attractive to central banks for holding unless China developed a strong open bond market.[15]
Russian president Medvedev has proposed a new 'world currency' at the G8 meeting in London as an alternative reserve currency to replace the dollar. [16]

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