Russia and China back currency study - (if the bolshevikz sell all real money - the GOLD - robbed from IMF and the fed, ctr. bankz etc. the fiat dollar will be worth only lavatory paper - a 10 year old can fig. it out! :-( but NO 666bolshevikz can fig. it out! :-( elitez anti-Christian evilz :-( nwo bs. circuz - Thu Apr 2, 2009 10:48pm BST
By Oleg Shchedrov and Daisy Ku
LONDON (Reuters) - Russia proposed on Thursday an IMF or G20 study on creating a new international reserve currency and China reiterated support for a broader discussion of the dollar's role that was missing at the London G20 summit.
Strengthened regional currencies would be a basis for the new unit, which could also be partially backed by gold, Russia said in a statement released on the sidelines of the summit.
Chinese President Hu Jintao said the international monetary system had to be improved.
"It is necessary to maintain the relative stability of the exchange rates of major reserve currencies and develop a more diverse and rational international monetary system," he told the summit.
China and Russia have floated in recent weeks ideas about reducing reliance on the U.S. dollar as the world's primary unit of foreign exchange, possibly by developing the Special Drawing Rights issued by the International Monetary Fund.
But the G20 Financial Summit has focussed firstly on promoting economic growth and repairing the financial system -- not on the longer-term task of overhauling the foundations of the global monetary system.
The idea, however, is gaining momentum since one underlying cause of the current crisis is seen to be heavy reliance on dollar-based assets as the only highly liquid instrument to invest in.
"The new global reserve currency has not been discussed at the summit. We only discussed it at several bilateral meetings," Russian President Dmitry Medvedev's chief economic aide Arkady Dvorkovich told a news briefing. Continued...
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