Reuters quotes a Chinese official as saying China called for an improved reserve currency system at the G8/G5 meeting. The goal should be to stabilize FX rates and a more diversified system.
China could contribute dramatically to a more diversified system by dropping its dollar peg and joining the floating rate world the rest of us live in.
EUR/USD is a getting a lift toward the top of its range, now at 1.3982. Offers are seen ahead of 1.4000 and again near 1.4050.
