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Revelation Runner
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Finding My Way
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| Joined: 20 Mar 2009 |
| Posts: 27 |
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Posted: Sun May 17, 2009 1:55 pm Post subject: US backing for world currency stuns markets |
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US Treasury Secretary Tim Geithner shocked global markets by revealing that Washington is "quite open" to Chinese proposals for the gradual development of a global reserve currency run by the International Monetary Fund
The dollar plunged instantly against the euro, yen, and sterling as the comments flashed across trading screens. David Bloom, currency chief at HSBC, said the apparent policy shift amounts to an earthquake in geo-finance.
"The mere fact that the US Treasury Secretary is even entertaining thoughts that the dollar may cease being the anchor of the global monetary system has caused consternation," he said
Mr Geithner later qualified his remarks, insisting that the dollar would remain the "world's dominant reserve currency ... for a long period of time" but the seeds of doubt have been sown.
http://www.telegraph.co.uk/finance/economics/5050407/US-backing-for-world-currency-stuns-markets.html
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