17 Jan '11, 2am

Chinese president Hu Jintao called the international currency system a 'product of the past', ahead of his US visit

WASHINGTON - CHINA'S President Hu Jintao said on Sunday the international currency system was 'a product of the past,' but it would be a long time before the yuan is accepted as an international currency. Mr Hu's comments, which came ahead of a state visit to Washington on Wednesday, reflected the continuing tensions over the dollar's role as the major reserve currency in the aftermath of the US financial crisis in 2008. 'The current international currency system is the product of the past,' Mr Hu said in written answers to questions posed by The Wall Street Journal and the Washington Post. Highlighting the dollar's importance to global trade, mr Hu implicitly criticised the Federal Reserve's recent decision to pump US$600 billion (S$772.4 billion) into the US economy, a move criticised as weakening the dollar at the expense of other countries' exports. 'The monetary polic...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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