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.ADNFCR-2522-ID-19259087-ADNFCR
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