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Dollar's dominance 'product of the past': Hu Jintao
Tuesday January 18, 2011 08:44:05 AM,
DPA
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Washington: The era of
a world currency system dominated by the US dollar is a "product
of the past", Chinese President Hu Jintao said in interviews with
US newspapers on the eve of a visit to Washington.
Hu is set to meet US President Barack Obama at the White House
Wednesday.
In written responses to the Wall Street Journal and Washington
Post, Hu said: "There is no denying that there are some
differences and sensitive issues between us. We both stand to gain
from a sound China-US relationship, and lose from confrontation."
Currency and trade issues will likely be among those discussed by
the leaders. Washington has long called for China to introduce
more economic reforms and allow the yuan's value to be determined
by the market.
Under US pressure, China has begun to allow the yuan to appreciate
against the dollar, and it has climbed by three percent since
June.
But Hu said it was unlikely the yuan would be a reserve currency
anytime soon. "It takes a long time for a country's currency to be
widely accepted in the world," Hu said.
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