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Obama Says, No Need For A Global Reserve Currency

U.S. President Barack Obama denied the proposal of global currency, supported by Russia and China

The U.S. President doesn't believe that there is a need for a global currency. On the contrary, he declared that the dollar is currently "extraordinarily strong".

Obama said that investors' behavior showed that they had faith in the U.S. economy and currency, adding that there were already signs of recovery from the global economic crisis.

The European contries will try to find ways to overcome crisis during the forthcoming G20 summit, which will be held in London on April 2.

Russia submitted a proposal to the G20 summit for the IMF to examine creating a supra-national reserve currency, a move that was supported by the chairman of the People's Bank of China. Russia also suggested the diversification of countries' foreign currency reserves to reduce the emphasis on the dollar.


Source : RIA Novosti