China Hopes For Diversification Of Intl. Currency System: Foreign Ministry Official

(RTTNews) - Thursday, China’s Vice Foreign Minister He Yafei said that his country hopes for the diversification of the international currency system in the future.

“We hope that in the future the international monetary system will be diversified,” He told reporters in Beijing.

Referring to the G8 meeting to be held in Italy on July 8 to 10, the foreign ministry official said, “If this issue is raised by leaders during the meeting it is nothing strange, it is natural because we are all discussing how to respond to the international crisis.”

On June 26, the People’s Bank of China renewed its call for a new global reserve currency to replace the U.S. dollar. China, the largest foreign currency reserve holder, first called for an international reserve currency managed by the International Monetary Fund in March.

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