The so-called “currency wars” could be heating with Chinese President Hu Jintao describing the international currency system dominated by the US dollar as a “product of the past”. He also said that China was working to replace its US holdings with reserves held in the yuan.
“The monetary policy of the United States has a major impact on global liquidity and capital flows and therefore, the liquidity of the US dollar should be kept at a reasonable and stable level,” President Hu said.
Source: BBC News
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