Interesting and puzzling that a nation which hasn’t a convertible currency and has plundered the manufacturing institutions of the world flooding the markets with cheap (and often pretty shoddy goods) now wants to dictate terms of an new currency system to the victims of its single minded greed.
“China is usually content to keep in the background at diplomatic events. But, ahead of this week’s G-20 summit in London, Beijing has been offering ideas for a radical shake up of the international financial system. Their primary concern: that inflation could wipe out the value of their foreign currency reserves
China has a clear goal at the G-20 summit in London. It wants to create a new international financial system and earn more say for itself and developing countries. “The summit should determine a clear goal, a timeline and the way to get there,” demanded Chinese Vice Premier Wang Qishan shortly before his departure for Europe.”
