Corporate foreign exchange news
Gibbs: Dollar will remain on top
Friday, 10 July 2009 09:04:01 GMT

The dollar will remain the world's reserve currency, the White House press secretary has reassured.Speaking at a G8 press conference in L'Aquila, Robert Gibbs insisted that despite widespread speculation that other members - notably China and Russia - were pushing for a new reserve, the greenback would not be replaced."Despite whatever talk you might have heard, I don't see that there is movement away from the notion of the dollar being that [global reserve] currency," he told reporters.However, Dai Bingguo, China's state councillor, fuelled speculation further after it emerged that he told leaders that international currency markets need to become more diversified.According to Dow Jones, a state official confirmed that Mr Dai had urged world leaders at the conference to improve the international monetary system by seeking out a stable exchange rate between the most actively traded currencies through strengthened regulatory reform and a diversified currency trading system.

