Photo: By Steve Rhodes on flickr
A Chinese economist at the group organising the latest G20 meeting on currency reform has released an attack on the dollar denominated economy calling it unfair, according to Reuters.The economist, Xu Hongca, works for the China centre, which is organising a meeting of G20 central bankers and leaders to tackle the currency crisis. That meeting, to be held this Thursday, now has a paper complaining about the Fed’s ability to issue dollars without repercussions hanging over it.
Xu admits, however, that China really doesn’t have the choice of selling its dollar holdings because that too would devalue the currency making its holdings worth less.
It’s unlikely this meeting of G20 leaders is going to have immediate results for the international monetary system, but German Finance Minister Wolfgang Schäuble has said he expects some sort of resolution by the end of 2011. With concerns rising that Germany is beginning to side more with BRIC nations than traditional Western powers, it is still up in the air who’s side of the currency debate they’ll stand on.
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