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China bids for a global currency

(2009-03-25 09:27:02)
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分类: 英语

China bids for a global currency

                   中国呼吁创造世界元

By Zhang Fengming    2009-3-25    China <wbr>bids <wbr>for <wbr>a <wbr>global <wbr>currency  NEWSPAPER EDITION


CHINA is calling for the eventual development of a new global currency (世界元)under the International Monetary Fund(国际货币基金组织), demonstrating the country's desire to have a stronger voice in the world financial arena (世界金融领域)ahead of next week's G20 London Summit.

"The international community should move forward in reforming the international monetary system(国际社会应该推动世界货币体系改革)," Zhou Xiaochuan, governor of the People's Bank of China(中国人民银行行长), said in an opinion piece(一家之言) published on the central bank's Website yesterday.

Zhou also wrote in a separate note posted late Monday that the outbreak of the financial crisis and its fallout across the entire world reflects the inherent vulnerabilities (内在缺陷)and systemic risks in the existing international monetary system.(周小川还在另外一篇于周一发表的文章中指出,金融危机的爆发以及它在全世界的蔓延反映了现存的国际货币体系有着内在的脆弱性和系统风险性)

He didn't single out the US dollar by name but said the crisis showed the dangers of relying on one nation's currency for international payments.
他并没有点美元的名,但是说,这场危机表明依赖一国的货币进行国际支付的危险性。

In a rare move, the two pieces were published in both English and Chinese, pointing strongly to an international audience.
少有的是,这两篇文章以中英文两种语言发表,强烈的指向国际观众群。

China is expected to push for a bigger say for developing countries in the global financial system when state leaders of the Group of 20 major economies meet on April 2 in London to discuss a coordinated response to the global economic crisis. The G20 nations account for 80 percent of the world's economy.
中国期望推动发展中国家在全球金融体系中能获得更大发言权,到时20国集团将于4月2日在伦敦讨论有关全球经济危机共同应对策略。

"The desirable goal of reforming the international monetary system is to create an international reserve currency (国际储备货币)that is disconnected from individual nations," Zhou wrote.

In addition to its use as a reserve currency, Zhou said the new currency also should be used for trade, investment and pricing commodities.
他说,除作为储备货币使用之外,新货币也应该能用于贸易、投资和定价商品。
He said the new currency should be based on shares in the IMF held by its 185 members, known as special drawing rights(特别提款权), or SDRs. The Washington-based IMF advises governments on economic policy and lends money to help with balance-of-payments problems.
建立在华盛顿条约基础上的世界货币基金组织会建议他国政府调整经济政策以及给予他国贷款以解决支付平衡问题。

Zhou also called for changing how SDRs are valued. Currently, they are based on the value of four currencies: the US dollar, euro, yen and British pound.

Expanded values

"The basket of currencies forming the basis for SDR valuation should be expanded to include currencies of all major economies, and the GDP may also be included as a weight," he said.

Other economists earlier proposed a new reserve currency, though they acknowledge it could take years to achieve.

Joseph Stiglitz, an Nobel Prize-winning economist and a professor at Columbia University in the United States, has argued that the use by central banks of SDRs as foreign exchange reserves could be viewed as the prelude to the creation of a single world currency.

China holds the world's biggest foreign reserves, amounting to US$1.95 trillion at the end of 2008.

China is also America's biggest foreign creditor, holding an estimated US$1 trillion in US government debt.

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