By Todd Buell
WASHINGTON (MNI) – The U.S. dollar was and still is the world’s
most important reserve currency, People’s Bank of China Governor Zhou
Xiachuan reiterated Friday.
Indeed, the greenback’s role as a reserve currency was strengthened
through the crisis, Christina Romer, a former economic policy advisor to
President Obama and another participant in a BBC debate.
“We recognize that the USD now is also the most important reserve
currency,” Zhou Xiaochuan said.
The PBOC chief said that his country would push for stricter
regulations in the financial sector. “We need to accelerate reform,” he
said.
Speaking on the same panel, Greek Finance Minister George
Papaconstantinou said, “There are, as you say, tectonic plates moving,
clearly, emerging economies are asserting their position on the world
stage, as well they should.”
“In our case it is very welcome to see the interest of China, and
not only in buying government bonds, which is very welcome of course,”
but also China’s interest in building economic partnerships with the
Hellenic Republic, he said.
Asked about his country’s banks, Papaconstantinou said that they
were “victims” of the sovereign problems Greece has recently
experienced.
** Market News International Washington Bureau: 202-371-2121 **
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