Inside Story - China questions the dollar's value - 26 Mar 09 - Part 1

Days before the G20 financial summit in London, Zhou Xiaochuan, the governor of the People's Bank of China, called for a new currency to eventually replace the US dollar.

The dollar, which was made the reserve currency after World War II, has come under increased pressure of late.

Barak Obama, the US president, cast doubt upon calls by senior Chinese authorities for the creation of a new global currency to replace the dollar as the standard bearer for the world.

Category:

News & Politics

Tags:

• Barack Obama
• US Dollar
• Al Jazeera
• AlJazeera
• Inside Story
• China
• Chinese Economy

[bollyballboy]

@daniel987878

In a way it's worse, because the regular Chinese person is extremely sceptical of the news they read in the media, while the average American swallows most of what its media tells it wholesale as the gospel truth.

[LetThereBePeaceNow]

China holds 2 trillion dollars of US debt. A few months ago China stopped loaning the US money because they finally realized that the US is NEVER going to pay them back!

China is the new economic super power.

[tmarpe]

heheehh there is someone who really can say something real about the dollar?

[anthonymaw]

Hmmm...when max keiser gets to speak on al jazeera on youtube you just know it's gonna be good!

[ptu03]

Wut da hel Obama

[ptu03]

Fk Obama

[chairde]

The real story is that China wants to keep the value of its currency low so it can sell cheap goods to the world.

[ervin920]

pfffffffff obama

[XYZGOLD]

hedge funds stupid, hedge funds!!!!!

[ljl0539]

@LetThereBePeaceNow I'm Chinese,Our economy is not a healthy system,we destroy the environment,waste resources,the workers is just like slaves,now the US forced the RMB exchange rate increase,our profit is only 3%,it's 7% in 2005, the Wall Street is like a ghost,Southeast Asian financial crisis,The 80 's in Japan,foreign investment has acquired most of our enterprise

[ljl0539]

@bollyballboy I'm Chinese,you are a smart man,the regular Chinese person is extremely sceptical of the news they read in the media

[InfomaniacJack]

@InfomaniacJack Just to clarify a bit, I'm talking about subsedized production in the US while raising their own export prices at the same time. So what theyd be doing is 1: giving americans jobs at a quite big loss. 2: Getting out of the dollar cheeply by doing so. and 3: demending more for their exports and thereby getting back a bit of the loss from giving amercans jobs.