Current events-economic world order

http://online.wsj.com/article/SB10001424052748703551604576085803801776090.html?mod=WSJ_hp_MIDDLENexttoWhatsNewsTop

Chinese president calls the dollar "a product of the past".

-the dollar's future continues to concern the most senior levels of the Chinese government. Beijing fears not only that loose U.S. monetary policy is fueling inflation, but that it will erode the value of China's holdings of dollars within its vast foreign-exchange reserves, which reached $2.85 trillion at the end of 2010.

-China's central bank governor, Zhou Xiaochuan, created an international stir in March 2009 by calling for the creation of a new synthetic reserve currency as an alternative to the dollar. Mr. Hu's comments add to the sense that China intends to challenge the post-World War II financial order largely created by the U.S. and dominated by the dollar.