1/17/2011

Will Chinese Yuan Overtake Dollar As Intl. Currency?

People's Republic of China President, Hu Jinta...Image via Wikipedia
Posted by Brian
Hu calls currency system 'product of the past'

China's President Hu Jintao said 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.

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," Hu said in written answers to questions posed by The Wall Street Journal and the Washington Post.

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